New York (January 14, 2020) – Capital One announced today that it provided a $20.7 million adjustable-rate loan to LaSalle Investment Management for the acquisition of a 90,000-square-foot medical office building in Brea, California.
“This was our first transaction with LaSalle,” said Erik Tellefson, Managing Director of Capital One Healthcare. “Their two-decade history of investing in medical office buildings facilitated our ability to develop a financing solution that aligned with their strategic plans for the asset.”
LaSalle Investment Management has $67.6 billion in real estate assets under management in 17 countries. The property is occupied by St. Jude Medical Center, a wholly owned subsidiary of Providence St. Joseph Health, which renewed its lease for 15 years in 2018. St. Jude has invested over $11 million in improvements since it first leased the property in 2007 and repurposed it as the St. Jude Centers for Rehabilitation and Wellness.
“Capital One’s long-term commitment to healthcare real estate, and their reputation for excellent execution were among the primary reasons for their selection,” said Steve Bolen, Head of U.S. Healthcare Real Estate for LaSalle. “They executed well and the team was professional throughout the process.”
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 $257.1 billion in deposits and $378.8 billion in total assets as of September 30, 2019. 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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