Capital One Provides $45.5 Million in Acquisition Loans for Five MOBs
Capital One (NYSE: COF) has provided about $45.5 million in acquisition loans for five medical office buildings across Illinois, the bank recently announced.
Specifically, Capital One provided a $33.6 million acquisition loan for four medical office buildings near Chicago. A joint venture between MedProperties Group and Harrison Street Real Estate Capital purchased the properties from an undisclosed seller.
The portfolio of properties includes the 22,467-square-foot Dryer Medical Clinic in Batavia; the 51,632-square-foot Lockport Crossing in Lockport; the 17,374-square-foot Batavia Medical Campus II in Batavia; and the 62,808-square-foot Arlington Heights Medical Center in Arlington Heights.
Capital One also provided an $11.9 million acquisition loan for the Center for Minimally Invasive Surgery in Mokena, Illinois. MedProperties Holdings LLC purchased the 28,000-square-foot building—which has a 14,000-square-foot surgery center, four operating rooms and a 5,350-square-foot recovery center—from an undisclosed seller.
Written by Mary Kate Nelson