Capital One announced today that it provided a $25 million loan for the acquisition of The Parkway, a 128,000-square-foot, Class A medical office building in Summerlin, Nevada, a suburb of Las Vegas. The borrower is The Stable Development Companies, a Las Vegas-based real estate firm that has developed 550,000 square feet of medical and professional office space. The transaction included a $5 million mezzanine loan from Kayne Anderson.
“By working closely with Kayne Anderson, we were able to structure the transaction in ways that maximized the borrower’s proceeds and advanced its business plan,” said Erik Tellefson, Managing Director, Capital One Healthcare. Located within five miles of two area hospitals, the property has a diversified tenant group, anchored by the Nevada Orthopedic & Spine Center.
Stable Development’s services include commercial development, acquisitions, property management, real estate investment services and an architectural division. This is the company’s second transaction with Capital One and its sixth medical office building. “We returned to Capital One because we knew we could count on their team to meet our timing and funding expectations,” said Lance Bradford, Stable’s key principal.
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. Additional information can be found at capital.one/healthcare.
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.
Contact
Liz Weaver
301-356-6329
Elizabeth.Weaver@capitalone.com
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