FOR IMMEDIATE RELEASE
Bethesda, Md. (July 28, 2017) – Capital One announced today that it provided a $51 million loan to refinance construction debt on Ventana Medical Plaza, a 120,000-square-foot, off-campus medical office building in Tarzana, Ca. The borrower, TriStar Realty Group, is a commercial real estate firm that has assembled a diverse portfolio of commercial properties primarily in Southern California, including office buildings, medical office buildings, shopping centers, research and development parks and industrial parks.
“There has been a pressing need for a facility of this size and caliber in the Tarzana region for quite a while,” TriStar CEO Daniel Kashani said. “We appreciated the Capital One team’s resourcefulness and flexibility in providing a financing solution that met our business plan for this exciting new property.”
The building, which includes a 600-space parking garage, is the first new medical office building to open in Tarzana in more than 20 years. It is located less than half a mile from the Providence-Tarzana Medical Center, a 249-bed acute care hospital that is part of Providence St. Joseph Health. Providence St. Joseph Health is opening a 17,000-square foot surgery center in the facility, part of the 43,000 square feet it is leasing at the building. The property will also house a 63,000-square-foot cancer center, the largest center in the San Fernando Valley. Geoff Arrobio at Walker & Dunlop provided advisory services to TriStar.
“Our team has significant experience in construction takeout financing, and was able to leverage the value created by the leases above and beyond the cost to construct the building,” said Erik Tellefson, Managing Director for Capital One Healthcare. “We structured the loan to allow for future reimbursement and equity recapture as tenants take physical occupancy of the building.”
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 $239.8 billion in deposits and $350.6 billion in total assets as of June 30, 2017. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to 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.
About TriStar Realty Group
TriStar Realty Group, LLC (www.tristargroup.com) is a privately held, family operated, full service commercial real estate firm. TriStar handle projects throughout Southern California with a focus in medical office development. We go through the full gamut of commercial investment and development, starting from acquisitions, finance, planning, entitlements, community outreach, construction, and all the way through to property management. As long-term holders of our assets we take pride in architectural design and significance and overall state of the art quality construction.
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