Media Release

One of the transactions Capital One closed in 2021, which was part of one of the Kayne Anderson-Remedy Medical Properties portfolio recapitalizations, is the Park Terrace Health Center in San Diego. (File photo)
New York, NY (February 9, 2022) – Capital One announced its Medical Properties team, part of the Capital One Healthcare Real Estate business, closed more than 90 loan transactions throughout 2021. The transactions totaled approximately $4.2 billion with additional opportunities pushing to 2022. Since 2010, this team – which was acquired in 2015 by Capital One from GE Capital Healthcare Financial Services – has financed in excess of $24 billion in balance sheet debt in the medical office and life sciences space.
“Last year, we saw a robust acquisition and recapitalization market and corresponding debt opportunities. It was great to return to our roots and do some middle market deals, in addition to the midsized, large, and very large portfolio acquisition financing and recapitalizations,” said Erik Tellefson, Managing Director of Capital One Healthcare. “Compared to 2020, we executed significantly more transactions for more volume in 2021. By the middle of the second quarter of 2021, the medical office building market largely stabilized to pre-COVID-19 levels for both market transactions and debt.”
“The current low-interest rate environment has resulted in historically strong loan constants and attractive balance sheet debt options for medical office building buyers,” Tellefson added.
Throughout 2021, Capital One closed transactions with the following businesses, ranging from large sponsors to midsize borrowers:
Medical Office Transactions
- Altera MOB Portfolio: $86.8 million to finance the acquisition of nine medical office buildings located in seven states.
- Anchor Health Properties and Carlyle Group: $28.9 million to finance the acquisition of two medical office buildings located in Vista, California, and Charlotte, North Carolina, and an additional $19.9 million to finance the acquisition of a medical office building in Renton, Washington.
- AW Property Company: $55.5 million to finance the acquisition of 11 medical office buildings in Tennessee.
- Catalyst MOB Portfolio: $246.25 million to finance a portfolio of 37 medical office buildings located in 11 states.
- Davis and Physicians Realty Trust: $25 million for the acquisition of a single medical office building in Portland, Maine.
- Evergreen Bain Capital Real Estate: $125 million to finance the acquisition of a 12-asset medical office building portfolio located in Rhode Island and Massachusetts.
- Harrison Street Real Estate and Anchor Health Properties: $40.2 million to finance the acquisition of a medical office building in Englewood, New Jersey, and an additional $9.8 million to finance the acquisition of a medical office building in Fairfield, California.
- Healthpeak Properties: $51.1 million to finance the acquisition of four medical office buildings in Virginia and California, and $91 million to finance the acquisition of nine medical office buildings across Minnesota, Oregon, Illinois, Virginia and Texas.
- Kayne Anderson, Remedy Medical Properties: $510 million to finance the acquisition of a 54-asset medical office portfolio in 17 states.
- Kayne Anderson, Remedy Medical Properties: $298 million to finance the acquisition and recapitalization of a portfolio of 38 medical office buildings across 14 states.
- MedProperties Glendale: $18.5 million to finance the acquisition of a medical office building in Glendale, Arizona.
- Pacific Medical Buildings: $17.5 million co-lender in a $52.5 million construction loan to finance the construction of a medical office building in Vancouver, Washington.
- Physicians Realty Trust: $100 million recapitalization of existing debt as part of Physician Realty Trust’s acquisition of the Landmark portfolio.
- Rendina Artemis MOB Portfolio: $79.73 million for a six-asset medical office portfolio located in Alabama, New Jersey, Connecticut and South Carolina.
- Ventas Duke South MOB: $50 million to refinance a medical office building located in Durham, North Carolina.
- Welltower Mission Viejo: $54.5 million to finance the recapitalization of a medical office building located in Mission Viejo, California.
Life Sciences Transactions
- Harrison Street Sterling Bay Boulder: $75 million to finance the acquisition of a five-asset life science/technology campus located in Lafayette, Colorado.
- Harrison Street Sterling Bay San Diego: $198 million syndicated transaction to finance the acquisition of a five-asset life science/technology campus in San Diego, California.
- Harrison Street Bioscience Sorrento: $49.8 million to finance the acquisition of a two-asset portfolio in San Diego, California.
The Medical Properties team provides customized solutions to the medical office and life science sectors. Products include first mortgages, interim financing, and acquisition financing for healthcare investors, operators and developers.
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 properties—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 $311.0 billion in deposits and $432.4 billion in total assets as of December 31, 2021. 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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Contact: Emily Freedman
emily.freedman@capitalone.com
571-389-5105
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