{"id":1004165912,"date":"2017-02-03T03:58:40","date_gmt":"2017-02-03T11:58:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004165912"},"modified":"2022-12-08T17:34:42","modified_gmt":"2022-12-09T01:34:42","slug":"capital-one-leads-half-billion-loan-for-starwoods-mob-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/capital-one-leads-half-billion-loan-for-starwoods-mob-deal\/","title":{"rendered":"Capital One Leads Half-Billion Loan for Starwood\u2019s MOB Deal"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

Greenwich, Conn.<\/strong>\u2014Starwood Property Trust Inc. grabbed a big piece of the medical office building pie\u2014a 1.9 million-square-foot piece\u2014and Capital One helped the REIT seal the deal. Capital One acted as lead arranger and bookrunner for a $534.9 million loan to fund Starwood\u2019s acquisition of a 34-property MOB portfolio spanning a dozen states.<\/p>\n

\"Barry<\/a>

Barry Sternlicht, CEO of Starwood Property Trust<\/p><\/div>\n

\u201cThe Capital One team delivered timely financing on this complex transaction\u2014closing in a little more than 60 days from signing of the term sheet,\u201d Erik Tellefson, managing director of Capital One Healthcare, said in a prepared statement. It was a big deal, but Capital One was working with solid sponsorship, as well a highly desirable group of assets.<\/p>\n

The stabilized collection of properties is 95 percent occupied, with investment-grade health systems and major physician-owned medical groups comprising the majority of the tenant roster. Aside from tenancy, the portfolio is a mixed-bag, starting with location. The properties can be found in California, Colorado, Florida, Georgia, Illinois, Indiana, Nevada, New Jersey, New York, North Carolina, Tennessee and Texas. Additionally, the group includes facilities located on or near hospital campuses, and encompasses both single and multi-tenanted buildings.<\/p>\n

Greenwich, Conn.-based Starwood\u2019s newly acquired portfolio is slightly different than the one detailed in the purchase and sale agreement the REIT entered into in September 2016. Originally, the deal involved 38 MOBs totaling 2.2 million square feet at a price of $837.9 million. As for the financing, Starwood\u2019s plan was to enter into a credit agreement for a five-year secured term loan facility for as much as $579 million. Even minus the handful of properties originally included in the group, the portfolio is still quite a catch.<\/p>\n

\u201cBy adding a resilient income stream that extends the duration of our overall book, we continue to build a portfolio that can withstand various market cycles,\u201d Barry Sternlicht, CEO of Starwood Property Trust, said in a prepared statement on the release of the company\u2019s third quarter 2016 results in November. \u201cThe portfolio is positioned to benefit from growth in the medical sector, high industry-wide tenant retention rates, minimal new supply and favorable demographic trends.\u201d<\/p>\n

Indeed, the MOB sub-sector has thrived over the last few years. And while change is most certainly afoot, the good times may very well continue. According to a new report by commercial real estate services firm Colliers International, \u201cThere can be no doubt that the repeal of the Affordable Care Act and the uncertainty around what lies ahead will cast a shadow over the healthcare sector for some time. In spite of this, healthcare real estate fundamentals remain solid and the scale of consumer demand for healthcare services should continue to increase thanks to the country’s aging population. The stability this provides will continue to garner investor interest in healthcare real estate.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition involves a portfolio of 34 stabilized properties spanning a dozen states. <\/p>\n","protected":false},"author":969,"featured_media":1004165915,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,21754,23891,21742,21747],"tags":[33139,33469],"class_list":["post-1004165912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-medical-office","category-national","category-latest","category-office","tag-capital-one","tag-starwood-property-trust"],"acf":[],"yoast_head":"\nCapital One Leads Half-Billion Loan for Starwood\u2019s MOB Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/capital-one-leads-half-billion-loan-for-starwoods-mob-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capital One Leads Half-Billion Loan for Starwood\u2019s MOB Deal\" \/>\n<meta property=\"og:description\" content=\"The acquisition involves a portfolio of 34 stabilized properties spanning a dozen states.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/capital-one-leads-half-billion-loan-for-starwoods-mob-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-02-03T11:58:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:34:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Barry-Sternlicht-CEO-of-Starwood-Property-Trust.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/capital-one-leads-half-billion-loan-for-starwoods-mob-deal\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/capital-one-leads-half-billion-loan-for-starwoods-mob-deal\/\",\"name\":\"Capital One Leads Half-Billion Loan for Starwood\u2019s MOB Deal - 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