{"id":1004455078,"date":"2020-06-12T11:48:46","date_gmt":"2020-06-12T19:48:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004455078"},"modified":"2022-03-03T18:45:41","modified_gmt":"2022-03-04T02:45:41","slug":"inside-ridgelines-mid-pandemic-mob-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/inside-ridgelines-mid-pandemic-mob-deal\/","title":{"rendered":"Inside Ridgeline\u2019s Mid-Pandemic MOB Deal"},"content":{"rendered":"
\"\"<\/a>

Jeff Axley, Founder, Ridgeline Capital Partners. Image courtesy of Ridgeline Capital Partners<\/em><\/p><\/div>\n

Predictions for a quick recovery of the health-care sector, made at the beginning of the COVID-19 crisis<\/a>, are being fulfilled. As nonemergency medical procedures are resuming and offices are gradually reopening, leasing activity is expected to bounce back, although with variations in hotspots across the country. <\/p>\n

After a slight slowdown in April and May, medical office investment activity in the Dallas Fort-Worth area has also been rising. Recently, Ridgeline Capital Partners purchased a portfolio of nine high-quality medical office buildings in the metro, the majority of which operate as dialysis centers.<\/p>\n

According to the company\u2019s founder, Jeff Axley, MOB cap rates in the area haven\u2019t changed as a result of the pandemic, and need-based, stabilized assets continue to be in high demand. Axley revealed the details behind the buy\u2014financed through a $21 million loan provided by CIT Group\u2014and what he believes won\u2019t make a good investment this year.<\/p>\n

\n

READ ALSO<\/strong>: CRE\u2019s Cautious Road to Recovery<\/a>  <\/p>\n

\n

Tell us how you identify investment opportunities in a sector such as health care in the current environment.<\/strong><\/p>\n

Axley<\/strong>: The U.S. economy lost 20.5 million jobs in April. Health care, the largest sector in the U.S. economy, accounting for 18 percent of the GDP, lost 1.4 million jobs in the same month. We are seeing some positive indicators, however, as patients postponing elective procedures are creating pent-up demand that is now allowing the sector to come back quickly.<\/p>\n

However, the environment created a financial strain on all providers. It is important to stay disciplined and focus on well-positioned MOBs with good credit tenants, providers that have a large patient and referral base and that provide critical health-care services in strategic locations. <\/p>\n

\"\"<\/a><\/p>\n

Was your recent MOB acquisition in the Dallas-Forth Worth area any different than others, given the COVID-19 pandemic? <\/strong><\/p>\n

Axley<\/strong>: We went under contract before the pandemic. The anchor tenant, U.S. Renal Care, provides dialysis treatment that did not experience a decline in patient visits due to COVID-19, strengthening my conviction in the investment. What\u2019s more, the economic shutdown as a response to the pandemic led to a significant drop in interest rates for our closing, and beyond.         <\/p>\n

All properties are triple net leased and the majority are dialysis centers. What made you opt for this portfolio? <\/strong><\/p>\n

Axley<\/strong>: I was looking for stabilized buildings that would better withstand an economic downturn. The recent acquisition includes an anchor tenant offering dialysis services needed in any economic environment.<\/p>\n

What challenges have you encountered in financing the acquisition?<\/strong><\/p>\n

Axley<\/strong>: Our lender, CIT Bank, understood that patients on dialysis continue to visit their dialysis center throughout the pandemic. CIT Bank honored the commitment<\/a> made before the pandemic and provided great customer service throughout the process.     <\/p>\n

Tell us how you see the dynamics of the MOB market in the Dallas-Fort Worth area at this time.<\/strong><\/p>\n

Axley<\/strong>: Leasing activity is coming back now that providers are seeing patient demand increase. Investment transactions slowed down in April and May as investors digested the impact from the pandemic, but activity is coming back.<\/p>\n

Cap rates have not really changed at this point, but the debt market has become tighter which should impact cap rates over the near term. Some projects will have large pricing adjustments, while others will not see much adjustment, if any. Health-care providers are pulling back on expansion plans to focus on shoring up their existing operations. <\/p>\n

What are your predictions for investment activity in the MOB sector in DFW for the midterm? What about the other markets you invest in?<\/strong><\/p>\n

Axley<\/strong>: I believe investment activity will increase in DFW and other markets because investors are attracted to the durable income streams in the MOB sector.<\/p>\n

What types of properties would not make a good investment this year, given the current circumstances?<\/strong><\/p>\n

Axley<\/strong>: Each situation is unique, but as a general rule, I would not invest in MOBs leased primarily by small independent physicians.<\/p>\n

Tell us one fact most people don\u2019t know about Ridgeline.<\/strong><\/p>\n

Axley<\/strong>: The company is named after the line of ridges\u2014the mountains\u2014in Colorado, a very special place to our family. It is where my wife and I had our marriage engagement and many vacations with our kids. Every time I see the company name, I think about how special my family and the mountains are.<\/p>\n","protected":false},"excerpt":{"rendered":"

Founder Jeff Axley offers a deep dive into the firm\u2019s acquisition of a medical office portfolio in Dallas-Fort Worth amid job losses and an economic slowdown.<\/p>\n","protected":false},"author":30,"featured_media":1004456482,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21783,21754,21742,21744],"tags":[40476,46253,36278,38638],"class_list":["post-1004455078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-investment","category-medical-office","category-latest","category-people","tag-cpetalks","tag-cit-bank","tag-medical-office-building","tag-ridgeline-capital-partners"],"acf":[],"yoast_head":"\nInside Ridgeline\u2019s Mid-Pandemic 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\/inside-ridgelines-mid-pandemic-mob-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inside Ridgeline\u2019s Mid-Pandemic MOB Deal\" \/>\n<meta property=\"og:description\" content=\"Founder Jeff Axley offers a deep dive into the firm\u2019s acquisition of a medical office portfolio in Dallas-Fort Worth amid job losses and an economic slowdown.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/inside-ridgelines-mid-pandemic-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=\"2020-06-12T19:48:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-04T02:45:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Jeff-Axley.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"610\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Roxana Baiceanu\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inside-ridgelines-mid-pandemic-mob-deal\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inside-ridgelines-mid-pandemic-mob-deal\\\/\"},\"author\":{\"name\":\"Roxana Baiceanu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/b9dffbe4e6d3437c6ee209677f7462f2\"},\"headline\":\"Inside Ridgeline\u2019s Mid-Pandemic MOB Deal\",\"datePublished\":\"2020-06-12T19:48:46+00:00\",\"dateModified\":\"2022-03-04T02:45:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inside-ridgelines-mid-pandemic-mob-deal\\\/\"},\"wordCount\":764,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inside-ridgelines-mid-pandemic-mob-deal\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/06\\\/Jeff-Axley.png\",\"keywords\":[\"#CPETalks\",\"CIT Bank\",\"Medical Office Building\",\"Ridgeline Capital Partners\"],\"articleSection\":[\"Dallas\",\"Investment\",\"Medical Office\",\"News\",\"People\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inside-ridgelines-mid-pandemic-mob-deal\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inside-ridgelines-mid-pandemic-mob-deal\\\/\",\"name\":\"Inside Ridgeline\u2019s Mid-Pandemic MOB Deal - 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