Bethesda, Md. (September 7, 2017) – Capital One announced today that it provided a $68 million loan for the acquisition of two campus-adjacent outpatient medical office buildings by Anchor Health Properties in the La Jolla/UTC submarket of San Diego. The properties total 206,000 square feet. The funding will also support future tenant improvements and leasing commissions for the properties.
‘We were very pleased that Anchor Health Properties turned to us to finance this acquisition,” said Erik Tellefson, Managing Director of Capital One Healthcare Real Estate. “Because of our longstanding relationship and understanding of their growth strategy, we were able to structure the transaction to meet their needs.”
Anchor Health Properties is a national, full-service healthcare real estate development, management and investment company focused exclusively on medical facilities.
“We believe that these properties represent some of the best medical real estate in Southern California,” said James Schmid, Anchor’s Chief Investment Officer. “Our relationship with Capital One, and their expert knowledge of the healthcare real estate market, made them a clear choice to assist us with this purchase.”
The two-building Chancellor Park Medical Campus is located in the desirable University Towne Center (UTC) submarket, close to the UC San Diego Jacobs Medical Center and Scripps Memorial Hospital La Jolla. Built in 1988 as traditional offices, the three-story buildings have been gradually converted to medical use. Of the total occupied square footage, the property is currently 82 percent medical, 18 percent non-medical. The properties are 94 percent occupied, and UC San Diego Health, which currently leases 44 percent of the buildings, is the anchor tenant. The buildings form the largest outpatient medical campus in UTC and one of the larger outpatient medical campuses in Southern California.
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.
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