Newmark acted as exclusive advisor to the portfolio owner and borrower, Montecito Medical Real Estate
Newmark Senior Managing Director John Nero, Executive Managing Director Ben Appel and Senior Managing Directors Jay Miele and Michael Greeley of Newmark’s Healthcare Capital Markets group led the transaction. Associate Ron Ott provided transactional support.
The portfolio consisted of seven medical office buildings totaling approximately 200,000 square feet, spanning Pennsylvania (four), Illinois (two) and Florida (one). The properties were 100% leased at the closing to a roster of leading healthcare provider tenants comprised mostly of investment-grade, non-profit health systems and dominant physician networks. Users within the portfolio included a diversified range of attractive specialty services including ambulatory surgery, imaging, orthopedics, gastroenterology, OB/GYN, laboratory and diagnostics, among others.
“We appreciate the opportunity to advise Montecito on this important financing, which generated significant interest from lenders given the portfolio’s stable occupancy, strong credit tenancy and attractive borrower profile, among other attributes,” said Nero. “Lender interest in medical office buildings remains strong given the sector’s fundamentals.”
”We commend Montecito on this successful financing. This is a true testament to the value created by the thoughtful portfolio aggregation strategy, reinforcing Montecito’s investment thesis into defensive, long-WALT medical office buildings,” added Appel.
“We are excited about the financing of this outstanding portfolio of medical properties, and we are pleased once again to partner with the Newmark team as we continue to pursue opportunities in the medical office sector for our company and our investors,” said Chip Conk, CEO of Montecito Medical.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
About Montecito Medicalwww.montecitomac.com.Montecito Medical is one of the nation’s largest privately held companies specializing in medical and veterinary real estate acquisitions and partnering with providers and developers to fund development of new properties. The company also supports providers with a suite of AI-powered technology solutions that increase revenues, reduce costs and build physician wealth. Since 2006, Montecito has completed transactions involving more than $5 billion in medical and veterinary real estate. Headquartered in Nashville, TN, the company has been named for five consecutive years as a “key influencer in healthcare real estate” by GlobeSt.com and the editors of Real Estate Forum. For more information, please visit
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