Capital One has provided a $33.6 million term loan for a portfolio acquisition of four medical office buildings in the Chicago area.
A joint venture of Harrison Street Real Estate Capital and MedProperties Group purchased the properties. The commitment includes $26.8 million in initial funding, a $6 million tenant improvements/leasing commissions holdback, and a $750,000 capital expenditure holdback.
Erik Tellefson, managing director of Capital One Healthcare said this transaction enabled Harrison Street to acquire majority ownership of the portfolio from MedProperties, which retained a minority stake.
“Because our team had provided MedProperties the financing for its original purchase of the portfolio, we were able to reference our extensive knowledge of the assets to efficiently and quickly close the transaction,” he added.