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$200 Million Loan Closed On A Joint Venture Between Dallas-Based Big Sky Medical Real Estate And GFH For Medical Office Building Portfolio

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BMO’s Healthcare Real Estate Finance group announces that it has closed on a $200 million term loan on behalf of a joint venture between Dallas-based Big Sky Medical Real Estate and GFH, an institutional investor based in Bahrain with a global portfolio of investments.

The BMO loan provided financing for the acquisition of 13 medical office buildings and life sciences facilities totaling approximately 714,000 square feet. The properties are located across the United States in growth submarkets within Wisconsin, Alabama, New Jersey, Texas and Pennsylvania. The Portfolio is 99% leased to a mix of leading investment grade health systems and specialist medical groups such as Children’s Wisconsin, Beaumont Health, Texas Health Resources, UPMC and Women’s Care Florida, with a weighted average lease term of almost 8 years.

Real estate firms like yours need a banking partner with extensive products and services, a strong capital base, and the ability to fund their needs through economic cycles. BMO’s dedicated team of real estate experts is your trusted adviser, helping developers, REITs, private equity funds and institutionally sponsored firms achieve their goals. To learn more about how BMO can help, visit bmoharris.com/realestate.

Banking products and services are provided by BMO and are subject to bank and credit approval. BMO Financial® is a trade name used by BMO Harris Bank N.A. Member FDIC

 

Source: HREI

Big Sky Medical Joins With GFH On $200M Medical Office Deal Across Seven States

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GFH, a leading institutional investor based in Bahrain with a global portfolio of investments, has a $200 million deal with Dallas-based Big Sky Medical to acquire 13 outpatient medical office buildings across seven states.

“Big Sky “complements our own global investment capabilities with deep knowledge of the US healthcare market,” Nael Mustafa Chief Investment Officer, Real Estate of GFH said in prepared remarks.

Earlier this year, Newmark assisted in arranging the joint venture, which was seeded by a $400+ million medical office portfolio aggregated by Big Sky during the past 12 months. Newmark led the portfolio financing.

 “The transaction “is a good indication that the market remains quite competitive for well-curated healthcare portfolios,” Newmark senior managing director John Nero said in a prepared statement.

Nero, along with executive managing director Ben Appel, senior managing directors Jay Miele and Michael Greeley of Newmark’s Healthcare Capital Markets group and vice chairman Alex Foshay and executive managing director Joseph Morris of Newmark’s International Capital Markets group, acted as sole financial advisors to the joint venture.

The transaction includes a component for future acquisition financing, which will allow the venture to continue its acquisition strategy under similar terms, according to a release.

 

Source: GlobeSt.

Welltower Recaps $550M Medical Office Portfolio Through Joint Venture With Wafra

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Welltower has recapitalized a medical office portfolio through a $550 million joint venture with global alternative investment platform Wafra.

Wafra now owns a 80% stake in the 24-asset portfolio, which is located in Texas, Florida, Minnesota, the Carolinas, Tennessee, California, Pennsylvania and Washington, among other states. The REIT is retaining a 20% interest in the portfolio, which is 97% affiliated with health systems. Welltower will also continue serving as asset manager and operator for the properties.

“The two companies may partner on other deals,” said Russell Valdez, Wafra’s chief investment officer. “We look forward to expanding our footprint together in these growing sectors with the shared goal of further collaboration on healthcare and other real estate opportunities.”

There is a case to be made that medical office assets will flourish as the pandemic passes. Cushman & Wakefield argues that the same drivers that fueled medical offices before the pandemic—namely demographics—will continue to support the sector’s growth. It also notes that healthcare spending is projected to increase by $1.9 trillion in the US alone between 2020 and 2027, per the Centers for Medicare and Medicaid Services.

 

Source: GlobeSt.