New York (October 31, 2018) – Capital One announced today that it provided an $11 million adjustable-rate loan to Altera Development, a Dallas-based real estate development company that develops and manages properties including medical office, hospital, multifamily, and industrial projects across the U.S. Altera used these funds to acquire a 109,000-square-foot medical office building in Spartanburg, South Carolina.
The loan consists of $6.5 million in initial funding, a holdback for tenant improvements/leasing commissions and an earnout. The property is located on the campus of Mary Black Hospital, one of Spartanburg’s two hospitals.
“Altera has more than 25 years of experience in the medical office building market,” said Erik Tellefson, Managing Director of Capital One Healthcare. “Their team has the combination of skills and experience needed to help this property reach its potential.” This is Capital One’s fifth deal with Altera.
“The healthcare team at Capital One understood how this asset fits into our larger strategy,” said Terry Quinn, Altera’s CEO. “Thanks to our longstanding relationship, they were able to effectively and efficiently close the transaction to meet our timetable.”
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 $247.2 billion in deposits and $362.9 billion in total assets as of September 30, 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.
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