FOR IMMEDIATE RELEASE
Capital One Closes $32.7 Million Loan for Medical Office Building Portfolio
HREI has learned that a Caddis partnership acquired 1393 George Dieter Drive in El Paso, Texas, as part of the transaction. (Photo courtesy of Caddis)
Bethesda, Md. (May 17, 2017) – Capital One announced today that it provided a $32.7 million loan for a portfolio of six medical office buildings in Florida, Georgia, South Carolina and Texas, totaling 186,000 square feet. Caddis Healthcare Real Estate—an investment, development and management firm based in Dallas, Texas — used the loan to refinance five of the properties and acquire a sixth. This is the seventh transaction that Capital One has closed with the borrower.
Since its founding, Caddis has acquired or developed more than $700 million in healthcare real estate properties and has 59 assets under management, comprising more than three million square feet. As part of its capital market strategy, Caddis refinanced the six properties into a single entity. “Our goal was to find a way to structure the transaction so that it brought together this diverse group of properties into a single portfolio,” said Erik Tellefson, Managing Director, Capital One Healthcare.
The properties include two ambulatory surgery centers and four medical office buildings. Five of the properties are off-campus and one is adjacent to a major hospital. “We appreciate the breadth of Capital One’s unique combination of healthcare and financial expertise,” said Jason Signor, CEO of Caddis. “They understood the complexity of the transaction, quickly grasped our strategy for the portfolio and translated it into a financial solution that met our requirements.”
Capital One Healthcare is a leading provider of financial services to the industry. Customers across healthcare sectors—including senior housing, healthcare services, pharmaceuticals, medical devices, healthcare IT and medical offices—rely on Capital One Healthcare to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives. With in-depth expertise, our team of professionals creates solutions tailored to meet the needs of our customers.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $241.2 billion in deposits and $348.5 billion in total assets as of March 31, 2017. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
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