Erik Tellefson now heads all HRE lending; Jonathan Buehner leads medical
By John B. Mugford
Jonathan Buehner
The Medical Properties team with Capital One Healthcare recently released its Mid-Year Letter detailing its performance and lending volume during the first half of 2024.
And, according to the unit of parent organization Capital One Financial Corp. (NYSE COF), business was strong, with the healthcare real estate (HRE) team underwriting – or currently in the process of underwriting – about 20 transactions totaling $1.2 billion as of the mid-year report.
“The team demonstrated their ability to offer bespoke lending structures for sponsors ranging from agenting and leading large portfolio transactions,” Capital One noted in the mid-year letter, “leveraging their unitranche product for borrowers seeking higher leverage and offering structured loan pools allowing borrowers to aggregate portfolios in one loan facility via multiple smaller transactions.”
What is now Capital One’s HRE team was founded in 2010 as a business unit focused on medical office building (MOB) transactions. At that time, the team was part of GE Capital’s Healthcare Financial Services (HFS) lending business, which also provided financing for healthcare services, hospitals, senior housing, pharmaceuticals, medical devices and healthcare IT. Capital One acquired the GE HFS business and about $8.5 billion in healthcare-related loans in December 2015.
Since its founding about 14 years ago, the HRE group has “financed approximately $40 billion in balance sheet debt in the medical office, medical properties, healthcare REIT (real estate investment trust) and life sciences segments,” according to Capital One.
For much of its existence, the team was led by Eric Tellefson, who joined GE’s healthcare group in 2010 and began leading its medical office loan originations nationwide in 2011.
Recently, Mr. Tellefson was promoted to senior managing director, head of HRE. Reporting to him are two professionals who also received promotions: Jonathan Buehner, who is now the medical office commercial leader, and Dave Harper, who is now the leader of the team providing senior housing debt.
The biggest transaction listed by Capital One’s Medical Properties team in the first half of 2024 was
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