Boston, MA JLL Capital Markets has 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.
The credit facility is seeded with four assets totalling 201,369 s/f in Connecticut, Rhode Island and New Hampshire. The seed portfolio totaled nearly $30 million in initial loan proceeds, with a $45 million accordion feature for the acquisition of additional medical properties.
The credit facility provides Sendero Capital and Angelo Gordon’s programmatic joint venture – which allows for up to $300 million in investments in outpatient healthcare real estate – flexibility and certainty of execution in a challenging credit environment. The joint venture is focused on value-add and core plus outpatient medical office and surgery center assets throughout the Northeastern United States – a region with high barriers to entry, strong growth, and one of the largest concentrations of healthcare businesses in the U.S.
The JLL Capital Markets Debt Advisory team was led by director Anthony Sardo.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.
The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.