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Joint Venture Between Cypress West, TPG Angelo Gordon Will Focus On Acquisition Of Medical Office Assets In Strategic, High-Growth Sunbelt Markets

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CBRE Investment Banking announced that it has arranged a programmatic joint venture between Cypress West Partners and TPG Angelo Gordon, which has the ability to acquire up to $300 million in medical office assets across the Sunbelt region over the next two years.

The joint venture has already completed its first acquisition – an 85,000 square-foot medical office facility at 9377 E. Bell Road in Scottsdale, AZ

The joint venture between Cypress West and TPG Angelo Gordon will focus on the acquisition of medical office assets in strategic, high-growth Sunbelt markets that provide the opportunity to generate core-plus and value-add returns through leasing, repositioning, and redevelopment.

The joint venture has already completed its first acquisition – an 85,000 square-foot medical office facility at 9377 E. Bell Road in Scottsdale, AZ – and will also be seeded by the recapitalization of a four-asset portfolio that totals approximately 200,000 square-feet across Arizona and California and is 97% occupied by a diverse roster of healthcare tenants.

“This is an exciting opportunity to partner with a like-minded team and leverage our expertise in investing and operating high-quality medical office assets,” said Chris Cumella, Chief Executive Officer and Co-Founder of Cypress West.

Frank Virga, Managing Director, U.S. Real Estate at TPG Angelo Gordon, added, “This strategic joint venture highlights our strong conviction in the medical office sector and the attractive opportunities we believe lie ahead in the market.”

“This initiative brings together two leading specialists in the sector, who can leverage their combined experience in scaling their medical office platform. We’re thrilled they were able to come together and expect an active partnership ahead,” said Michael Yang, Senior Managing Director of CBRE Investment Banking.

 

Source: HREI

 

$50.3 Million Financing Provided To Montecito To Recapitalize Medical Office Building Portfolio

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First Citizens Bank just announced that its Healthcare Finance group, part of the CIT division, provided $50.3 million in financing to Montecito Medical Real Estate to recapitalize a portfolio of medical office buildings.

The portfolio consists of an aggregate of 200,000 rentable square feet across seven off-campus medical office buildings located in Florida, Illinois and Pennsylvania. The properties serve a wide range of medical practices including gastroenterology, ophthalmology, obstetrics and gynecology, orthopedic, oncology, laboratory work and more.

“We appreciated the opportunity to again work with the knowledgeable and efficient Healthcare Finance team at First Citizens Bank,” said Chip Conk, CEO of Montecito Medical Real Estate. “We’re pleased to add these seven properties, which are spread across a number of growing locations, to our overall portfolio.”

“Montecito Medical Real Estate is a valued client and we’re pleased to partner with them to provide financing for this unique portfolio of medical office buildings,” said William Douglass, managing director and group head for Healthcare Finance.

“This transaction exemplifies our focus on building strong relationships with our clients to support them through their various business endeavors,” said Steve Reedy, a managing director in Healthcare Finance.

Healthcare Finance, part of First Citizens’ CIT division, provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. By using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for capital.

 

Source: PR Newswire

Artemis Recapitalizes Six Properties With Rendina To Seed New Joint Venture For Development And Acquisition Of MOBs Nationwide

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Newmark announced that it has arranged a strategic joint venture seeded by a national MOB portfolio recapitalization.

Rendina Healthcare Real Estate  is a leading, national medical office development and acquisition platform, fully integrated with development, ownership, management and leasing capabilities. A pioneer in the healthcare real estate development sector, Rendina has developed more than 8.5 million square feet during its 35-year history.

This transaction marks an inflection point in the growth of the company as the firm partners with Artemis Real Estate Partners, an institutional investment manager that focuses on equity and debt investments in healthcare real estate across the United States.

Rendina and Artemis have entered into a joint venture to develop and acquire a national portfolio of healthcare properties. The venture was seeded with the recapitalization of six properties developed by Rendina. The nearly 230,000 square foot portfolio spans four states, with concentration in the Northeast, and is leased to some of the leading healthcare systems and physician group practices in the country. The joint venture will immediately invest in an additional 140,000 square foot medical office development, followed by a near-term development and acquisition pipeline.

Newmark’s Healthcare Capital Markets Group represented Rendina on the portfolio recapitalization, advised Rendina and Artemis on establishing the joint venture, and secured the acquisition and development financing. The transaction was led by Newmark Executive Managing Director Ben Appel, Senior Managing Directors Jay Miele and Michael Greeley, Managing Director John Nero, and associates Ron Ott and Adam Goss of the firm’s National Healthcare Capital Markets Group.

“Like-minded investment philosophy, culture-fit, sophisticated understanding of the healthcare real estate market and appetite for portfolio growth were key criteria in our selection process. Artemis checked all the boxes we were looking for in a programmatic equity partner, said Richard Rendina, Chairman & CEO of Rendina.

“Artemis is excited to partner with a best-in-class sponsor like Rendina to grow a high quality portfolio of healthcare real estate assets. Rendina has the relationships and proven track record that we were looking for in a partner” stated Kevin Nishimura, Principal of Artemis Real Estate Partners.

“Rendina has seen tremendous success having developed for many of the Nation’s largest and most highly-regarded health systems, and dominant physician networks,” said Appel.

“This programmatic venture further supports Rendina’s growth, providing the firm additional resources to meet the evolving needs of healthcare providers across country,” added Miele.

“This joint venture will make Rendina even more competitive on development opportunities and will also provide us the acquisition platform and portfolio growth we have long-desired”, said Richard Rendina. “We believe the combination of Rendina’s expertise with Artemis’ capital will be a winning recipe not just for us, but for our healthcare provider clients as well. Rendina believes our health system relationships are our most valuable assets. Artemis understands this nuance to our business, and has shown us that they value relationship-based business and decision-making the same way Rendina does.”

 

Source: HREI