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MedProperties Acquires 17-Property Health Care Portfolio for $230 Million

Capital One Arranges $160.6 Million Loan in Deal Involving Assets Across 10 States
October 10, 2017
The portfolio acquired by MedPartners Capital includes the 448,953-square-foot Kingwood Medical Center in Kingwoond, TX.
The portfolio acquired by MedPartners Capital includes the 448,953-square-foot Kingwood Medical Center in Kingwoond, TX.
Dallas-based private-equity firm MedProperties Holdings has acquired a 17-property, 620,750-square-foot portfolio of medical office buildings, clinics, surgery centers and other healthcare properties from Harrison Street Real Estate Capital LLC for about $230 million.

Seven of the properties in the Harrison Street Portfolio acquired by MedProperties are located in Texas, with the remainder spread across Florida, South Carolina, North Carolina, New York, Pennsylvania, Ohio, Kentucky, Wisconsin and Missouri.

Most of the assets in the portfolio, which was 92 percent leased at the time of the sale, are located near hospital campuses. The portfolio consists of 13 MOBs, two stand-alone in-patient rehabilitation facilities, a behavioral health hospital and a multi-use campus with a surgery center and rehab hospital.

Capital One arranged a $160.6 million loan on behalf of MedProperties in the deal, which also included properties owned by Harrison Street through joint ventures with Birmingham, AL-based Sanders Trust and Texas-based Pisula Development Co. Kayne Anderson arranged mezzanine financing for the acquisition.

The acquisition is the largest to date for MedProperties, which now has invested in or acquired roughly 3.4 million square feet of healthcare properties spanning 20 states.

Chris Bodnar and Lee Asher, co-leaders of the CBRE Healthcare Capital Markets Group, represented the sellers in the deal.

Please see CoStar COMPS #4009352 for more information on this transaction.
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