Capital One Closes $92.4 Million USD Loan to Fund Invesque’s Acquisition Of Premier Canadian Medical Office Building REIT
Capital One announced today that it provided a $92.4 million USD adjustable-rate loan to Invesque, a real estate investment company specializing in healthcare and senior living properties throughout North America. Invesque used these funds as part of its acquisition of Toronto-based Mohawk Medical Properties Real Estate Investment Trust and its subsidiary Mohawk Medical Operating Partnership. Mohawk’s assets consisted of 14 medical office buildings. The properties, housing 292 tenants, are located in seven markets throughout Canada and the U.S. and total approximately 550,000 rentable square feet.
The loan consists of $82.8 million USD in initial funding, and holdbacks for tenant improvements/leasing commissions and for the delayed acquisition of an additional property. The loan included both a USD tranche and a CAD dollar tranche. Mohawk Realty Advisors is continuing to provide asset and property management for the buildings.
“Invesque is making its mark quite rapidly in the healthcare space,” said Erik Tellefson, Managing Director of Capital One Healthcare. “This portfolio of largely Canadian full-service MOB properties is a great addition to their portfolio.” This is Capital One’s first deal with Invesque.
Invesque has been growing aggressively since 2016. With the Mohawk acquisition, Invesque will have 103 seniors housing, skilled nursing, and medical office building assets in 19 states and two Canadian provinces.
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 $250.8 billion in deposits and $362.9 billion in total assets as of March 31, 2018. 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 Invesque Inc.
Invesque Inc. is a North American health care real estate company with a growing portfolio of high-quality properties located in the United States and Canada and operated by best-in-class operators primarily under long-term leases and joint ventures. Invesque’s mission is to create long-term shareholder value while providing an investment opportunity that matters. For more information, visit www.invesque.com.
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