{"id":1004689241,"date":"2023-11-07T04:46:43","date_gmt":"2023-11-07T12:46:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004689241"},"modified":"2023-11-07T06:09:39","modified_gmt":"2023-11-07T14:09:39","slug":"angelo-gordon-jv-obtains-75m-credit-facility","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/angelo-gordon-jv-obtains-75m-credit-facility\/","title":{"rendered":"Angelo Gordon JV Obtains $75M Credit Facility"},"content":{"rendered":"
\"JLL<\/a>

JLL Capital Markets arranged a $75 million credit facility on behalf of a joint venture between Sendero Capital and Angelo Gordon that was formed to target the medical property sector. Image courtesy of JLL Capital Markets<\/em><\/p><\/div>\n

A joint venture between Sendero Capital<\/strong> and Angelo Gordon<\/strong>, formed to target the medical property sector, has received a $75 million credit facility. JLL Capital Markets<\/strong> arranged the funding.<\/p>\n

The credit facility is seeded with four assets totaling 201,369 square feet in Connecticut, Rhode Island and New Hampshire. This seed portfolio totaled nearly $30 million in initial loan proceeds, with a $45 million accordion feature for the acquisition of additional medical properties.<\/p>\n

In a prepared statement, JLL said the credit facility \u201cprovides Sendero Capital and Angelo Gordon\u2019s programmatic joint venture\u2014which allows for up to $300 million in investments in outpatient health-care real estate\u2014flexibility and certainty of execution in a challenging credit environment.\u201d<\/p>\n

\n

READ ALSO<\/strong>: MOB Sector Remains Stable, Attractive<\/a><\/p>\n

\n

JLL added that the joint venture focuses on value-add and core-plus outpatient medical offices and surgery centers across the Northeast, a region with \u201chigh barriers to entry, strong growth and one of the largest concentrations of health-care businesses in the U.S.\u201d<\/p>\n

The JLL Capital Markets Debt Advisory team was led by Director Anthony Sardo.<\/p>\n

The Sendero Capital\u2013Angelo Gordon programmatic JV was formed this past summer<\/a>, also with assistance from JLL Capital Markets.<\/p>\n

Healthy sector<\/h2>\n

In May, TPG announced<\/a> that it would be acquiring Angelo Gordon for about $2.7 billion in cash and equity, after which Angelo Gordon would become an investing platform of TPG. As it happens, that acquisition closed just last week, and Angelo Gordon will now operate as TPG Angelo Gordon.<\/p>\n

Nationally, medical office buildings (MOBs) continue to show strong fundamentals, \u201cwith steady rent increases and stable, long-term lease obligations,\u201d according to a recent report from Cresa<\/strong>\u2019s Healthcare Practice Group. \u201cThe large amount of [MOB] space under construction will test the lease rate gains of the past three years, as occupiers watch to see if rate growth slows.\u201d<\/p>\n

On the positive side for MOB demand, Cresa reports, health care is a leading sector in terms of job growth, and the primary driver has been the expansion of ambulatory health care.<\/p>\n","protected":false},"excerpt":{"rendered":"

JLL Capital Markets arranged the funding, part of a $300 million joint venture targeting health-care real estate.<\/p>\n","protected":false},"author":882,"featured_media":1004689255,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21783,21754,21742,10],"tags":[43448,44006],"class_list":["post-1004689241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-investment","category-medical-office","category-latest","category-northeast","tag-angelo-gordon","tag-jll-capital-markets"],"acf":[],"yoast_head":"\nAngelo Gordon JV Obtains $75M Credit Facility - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"A joint venture between Sendero Capital and Angelo Gordon, formed to target the medical properties, received a $75 million credit facility.\" \/>\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\/angelo-gordon-jv-obtains-75m-credit-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Angelo Gordon JV Obtains $75M Credit Facility\" \/>\n<meta property=\"og:description\" content=\"A joint venture between Sendero Capital and Angelo Gordon, formed to target the medical properties, received a $75 million credit facility.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/angelo-gordon-jv-obtains-75m-credit-facility\/\" \/>\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=\"2023-11-07T12:46:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-07T14:09:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/MOB-backed-by-credit-facility.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"799\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\/angelo-gordon-jv-obtains-75m-credit-facility\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/angelo-gordon-jv-obtains-75m-credit-facility\/\",\"name\":\"Angelo Gordon JV Obtains $75M Credit Facility - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/angelo-gordon-jv-obtains-75m-credit-facility\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/angelo-gordon-jv-obtains-75m-credit-facility\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/MOB-backed-by-credit-facility.jpg\",\"datePublished\":\"2023-11-07T12:46:43+00:00\",\"dateModified\":\"2023-11-07T14:09:39+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"A joint venture between Sendero Capital and Angelo Gordon, formed to target the medical properties, received a $75 million credit facility.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/angelo-gordon-jv-obtains-75m-credit-facility\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/angelo-gordon-jv-obtains-75m-credit-facility\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/angelo-gordon-jv-obtains-75m-credit-facility\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/MOB-backed-by-credit-facility.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/MOB-backed-by-credit-facility.jpg\",\"width\":799,\"height\":600,\"caption\":\"JLL Capital Markets arranged a $75 million credit facility on behalf of a joint venture between Sendero Capital and Angelo Gordon that was formed to target the medical property sector. 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