Big Sky Secures $190M Financing For Ten Healthcare Properties Across Four States
JLL Capital Markets just announced that it has arranged approximately $190 million acquisition financing for ten healthcare properties totaling 857,779 square feet.
JLL worked on behalf of the borrower, Big Sky Medical Real Estate, in securing the five-year, floating-rate loan from a bank syndication led by Capital One Healthcare.
“Despite a challenging environment, our team and JLL persevered and successfully syndicated this loan to close out a successful 2022 for Big Sky’s partnership with GFH,” said Jason L. Signor, founder and CEO of Big Sky Medical. “We value our relationships with Capital One and the syndication group.”
The properties, which are collectively 87% occupied, serve a wide range of healthcare uses, including outpatient medical office buildings, ambulatory surgery centers, diagnostic imaging centers and more. The portfolio includes:
• Pyramids North, 9201 North Central Expressway, Dallas, Texas
• Pyramids South, 9101 North Central Expressway, Dallas, Texas
• Providence Park, 2501 Earl Rudder Freeway, College Station, Texas
• Greenpark MOB, 7515 Main St., Houston, Texas
• Peninsula Orthopedic Associates, 1675 Woodbrooke Dr., Salisbury, Maryland
• Tidal Health Cardiology, 400 Eastern Shore Dr., Salisbury, Maryland
• Pelican Professional Center, 42388 Pelican Professional Park, Hammond, Louisiana
• Texas A&M Health Science Center, 8441 Highway 47 West, College Station, Texas
• Peak Surgical Center, 610 North Coit Road, Richardson, Texas
• Valley Ortho & River Surgical Institute, 609 East Orangeburg Avenue, Modesto, California
JLL’s 2022 Healthcare and Medical Office Perspective highlights that patients are moving to sunbelt states and retirement markets such as Texas, Louisiana and California at exponential rates creating more demand for medical office buildings. As a result, medical office occupancy has ticked upwards as demand intensifies in a moderate construction environment which has gradually increased rents for the 11th quarter in a row.
The JLL Capital Markets team representing the borrower was led by Managing Directors Timothy Joyce and John Chun and Director Anthony Sardo.
“We are thrilled to have the opportunity to work with the Big Sky Medical team to help capitalize this outstanding portfolio of medical office assets in diverse, high growth markets. We would like to thank the lenders for stepping up in a challenging environment and providing a great debt package for these acquisitions,” says Joyce.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
Source: JLL
