Capital One Provides $21.2 Million Loan to Finance Texas MOB

Capital One (NYSE: COF) recently provided a $21.2 million first mortgage to a joint venture between Pisula Development Company and Chicago-based real estate investment management firm Harrison Street Real Estate Partners. The funds were utilized to buy Imperial Medical Center, a 128,000-square-foot medical office building in Sugar Land, Texas.

Pisula Development Company is the development arm of RRC Medical Real Estate, LLC, a full-service commercial real estate company located in The Woodlands, Texas. RRC provides asset, property and facilities management services for about 1.6 million square feet of commercial real estate.

“The Capital One team was extremely responsive to our needs and worked closely with us throughout the transaction to provide strategic financing options that align with our long-term goals,” Pisula Development CFO Jim Pisula said in a press release.

Calmwater Capital Provides $44 Million Bridge Loan for Industrial and Medical Office Building in Indiana

Los Angeles-based direct real estate lender Calmwater Capital recently provided a $44 million bridge loan to Homewood, Illinois-based Simborg Development for its Lake Business Center in Munster, Indiana.

The 993,017-square-foot building contains medical and industrial office space and was 83% leased at the time of the deal. The building used to be a Simmons Bedding Factory.

The $44 million will be used to refinance existing debt, recapitalize the existing partnership and provide capital to lease up the  building’s remaining vacancies.

Calmwater Capital’s Ryan Malatesta acted as the loan originator in the transaction.

Kay Properties Announces Completes Equity Raise for MOB in Dallas

Los Angeles-based Kay Properties and Investments recently announced it has successfully completed 100% of the 506c equity raise for a single-story medical office building located a half mile from the Baylor University Medical Center in Dallas.

The building — Dallas MOB DST — was available only to 1031 exchange and direct cash investor clients of Kay Properties and Investments, LLC, according to a press release.

“We believe Dallas to be an ideal market to invest in due to its strong projected job and population growth,” Kay Properties and Investments founder and CEO Dwight Kay said in the press release. “We also believe that the medical office asset class is poised to potentially perform well due to monumental demographic shifts in the United States. Owning a well-located medical office property in Dallas, Texas, subject to a long term triple net (NNN) lease is an investment that we are extremely comfortable with.”

NorthMarq Arranges $16 Million Refinance for New York Medical Office

NorthMarq Capital recently arranged a $16 million refinance of the 66,316-square-foot Huntington Medical Center in Huntington Station, New York. NorthMarq arranged the financing through Flushing Bank for Huntington Station Properties, LP.

Charles Cotsalas, senior vice president in Long Island, and Robert Delitsky, senior vice president/managing director of NorthMarq Capital’s New York City office, worked together to arrange the refinance.

The team from Flushing Bank was led by Timothy Lynn and Ronald M. Hartmann.

Written by Mary Kate Nelson