Capital One announced that it served as the administrative agent for a $30.5 million loan for the acquisition of a 107,000-square-foot, medical office building in Grand Rapids, Mich. The principal is Carter Validus Mission Critical REIT II, which was formed in 2013 to invest in high-quality data centers and healthcare properties.
The REIT’s advisor, Carter Validus REIT Investment Management Company, is a privately held commercial real estate company formed in 2009 and headquartered in Tampa.
“We are proud of the in-depth relationship we’ve built with the team from Carter Validus, and we have developed a good understanding of their investment priorities,” say Erik Tellefson, Managing Director for Capital One Healthcare. “We were able to provide a flexible financing solution that aligned closely with their strategic objectives for this property.”
Constructed in 2008, the four-story building is located in Grand Rapid’s Medical Mile, a world-class healthcare destination that includes more than ten hospitals and healthcare facilities. Its diverse tenants include specialists in surgery, women’s health, orthopedics, plastic surgery, dermatology and primary care. The property also includes a five-story parking deck.
“We have worked closely with the Capital One team for the last several years and we look forward to continuing the strong relationship with Capital One in the future” said Todd Sakow, Carter Validus’ Chief Financial Officer. “We appreciate their expertise in healthcare properties and the certainty of execution they provide.”
Capital One Healthcare is a leading provider of financial services to the industry. Customers across healthcare sectors—including senior housing, healthcare services, pharmaceuticals, medical devices, healthcare IT and medical offices—rely on Capital One Healthcare to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives. With in-depth expertise, our team of professionals creates solutions tailored to meet the needs of our customers.