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News Release: Capital One Closes $46 Million Loan to Refinance Florida Medical Office Building Portfolio

FOR IMMEDIATE RELEASE

Wuesthoff Medical Arts Pavilion (Photo courtesy of AW Property Co.

Bethesda, Md. (December 13, 2017)Capital One announced today that it provided a $46 million loan to AW Property Co. to refinance a portfolio of seven medical office buildings (MOBs) in Florida totaling 251,000 square feet. The loan was provided at the first closing of AW Property’s third healthcare investment fund, AW Florida MOB III. This is the seventh transaction that Capital One has closed with AW Property.

“AW Property’s goal was to align maturities on the portfolio and to hedge the fund’s interest rate risk by swapping to fixed-rate debt at closing,” said Erik Tellefson, Managing Director, Capital One Healthcare. “Because we were familiar with the properties, we were able to move forward with the transaction quickly.”

Founded in 2002, AW Property is a real estate investment and operating company specializing in medical office properties in major markets in the State of Florida.  Its investment and management portfolio includes 36 properties totaling more than 1.6 million square feet. AW Property has longstanding relationships with national healthcare delivery systems, including Tenet and HCA.

“This transaction provides a solid platform for the beginning of our third fund,” said Brian Waxman, Founding Partner and Managing Director of AW Property. “Capital One’s healthcare real estate expertise and industry focus translates into certainty of execution which was paramount for our selection.”

The Florida MOB portfolio consists of six on-campus properties and one that is adjacent to a medical center campus. The assets are located in major coastal markets in the State of Florida, including Sarasota, West Palm Beach, Ft Lauderdale, and St. Petersburg. .

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 $239.1 billion in deposits and $361.4 billion in total assets as of September 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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