Firm’s HRE lending unit leader discusses the economy, interest rates, loan volume and more
By Murray W. Wolf
Erik Tellefson
HREI learned last week that one of the healthcare real estate (HRE) industry’s best-known professionals, Erik Tellefson of Capital One, was recently named to an expanded role as senior managing director, head of HRE Lending.
Mr. Tellefson now oversees the entire HRE division for the Commercial Bank, expanding his portfolio to include the full range of not only medical and life sciences properties, but also now adding senior housing.
Additionally, Dave Harper was named commercial leader for Seniors Housing, responsible for overseeing the originations team for both balance sheet and agency loans nationwide. Before assuming his current post, Mr. Harper was a relationship manager on the Seniors Housing team responsible for customers in the Southeast.
“As the availability and viability of balance sheet debt for medical properties and seniors housing becomes more challenging industrywide, we are actively working with borrowers to provide customized financing solutions that meet their business needs and goals,” Mr. Tellefson said in a statement accompanying the news of his expanded role.
“The Medical Properties and Senior Housing teams at Capital One have the in-depth expertise and experience needed to close transactions with clients ranging from large institutional sponsors to mid-size borrowers in the healthcare sector.”
Mr. Tellefson and his team work with HRE investors, operators and developers on financial products that include first-priority mortgages, interim financing and acquisition financing for medical properties, agency and HUD lending, balance sheet financing and treasury management services within the senior housing space.
The Capital One team is widely believed to be the largest-dollar-volume medical office lender, and has been for many years. The HRE team has financed more than $50 billion in balance sheet debt in the medical office, life sciences and senior housing space since 2010, according to Capital One.
Mr. Tellefson, who has 16 years of lending experience in the HRE space, came over to Capital One in 2015, when Capital One Financial Corp. (NYSE) acquired the Healthcare Financial Services lending business of his previous employer, GE Capital Healthcare Financial Services.
HREI reached out to Mr. Tellefson this week to learn more about his new role. Additionally, given his experience and Capital One’s market position, we also took the opportunity to get his unique perspective on the current state of the HRE market, as well as the broader economy, interest rates, loan volumes and more. Here are some excerpts from that conversation, edited for clarity.
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