Chicago, IL (September 2026) – Echo Real Estate Capital, Inc. (“Echo”) announces it has formed a programmatic joint venture with Belay Investment Group, LLC – an institutional real estate investment management firm (“Belay”). The new programmatic joint venture will focus on value-add medical office investments in targeted regions in the U.S.
“This new partnership combines Echo’s extensive experience in healthcare real estate with Belay’s access to institutional capital and processes. Together, we are targeting to achieve rapid scale and drive performance at our properties,” noted Echo Founder and Principal, Jon Boyajian. “We are very excited to partner with a group like Belay who shares our entrepreneurial spirit and pragmatic approach to value creation.”
“Belay is thrilled to announce its newly-formed programmatic joint venture with Echo, whose deep relationships in the healthcare sector and detailed approach to asset management make them an ideal partner for the execution of our value-add medical office investment program. We believe the Northwest Indiana Medical Complex represents an excellent opportunity to seed this new venture given its strategic location adjacent to a dominant healthcare system, attractive basis, and strong value creation potential. Belay is eager to work with the Echo team in implementing our business plan, and excited to grow the partnership through future investments in the medical office sector” said Eliza Bailey, Co-Founder, CEO & CIO of Belay Investment Group.
The programmatic joint venture’s first acquisition, which closed in August, is the 132,805 square foot, three-building Northwest Indiana Medical Complex located at 9100-9200 Calumet Avenue in Munster, Indiana (the “Property”). Notable tenants include Powers Health, Rush University Medical Center, Dermio Dermatology, DaVita, Inc., and multiple surgery centers including The Center for Minimally Invasive Surgery, Munster Specialty Surgical Center, Plum Creek Surgery Center, LLC, and South Suburban Surgical Suites. Debt financing was provided by Wintrust Bank.
“Our business plan for this asset is hands on from day one,” said Echo Director of Acquisitions, Kyle Gordon. “Cosmetic lobby upgrades, deferred maintenance, and a proactive lease up of existing vacancy, done in true partnership with our tenants. We have run this playbook successfully before, and once we close, we get right to work.” The Northwest Indiana Medical Complex marks Echo’s ninth investment in Indiana since 2018.
Echo Real Estate Capital, Inc. (www.echorecap.com) is an acquisition and development firm based in Chicago, IL. Echo’s primary focus is healthcare, industrial and retail assets as well as nationwide programmatic build-to-suit development.
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