Capital One announced that it recently committed $125 million and served as joint lead arranger and joint documentation agent in a $1.1 billion first mortgage to finance the Blackstone Group’s acquisition of 17 life science and medical office buildings. The transaction was part of the financing for Blackstone’s larger acquisition of BioMed Realty Trust. The portfolio, totaling approximately 2.2 million square feet, is divided among facilities in Cambridge, Massachusetts; San Francisco, California; San Diego, California; and Seattle, Washington. The financing was led by Citi Group and MUFG Union Bank.
“Because laboratory and biotechnology buildings have such demanding specifications, they are highly capital intensive,” noted Erik Tellefson, Managing Director of Capital One’s Healthcare Financial Solutions. “Our expertise and depth of experience in this unique niche gave us the capacity to hold a significant portion of the financing.”
The portfolio’s Class A assets include some of the most advanced laboratory and biotechnology buildings in the nation. Blackstone has approximately $336 billion of assets under management in the United States, Europe, Asia, and Latin America, making it one of the largest real estate investors in the world. The company has more than 2,000 employees in 18 offices worldwide.
Capital One Healthcare is a leading provider of financial services to the industry with over $11 billion in total outstanding balances. 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.
Capital One Healthcare is a part of Capital One Commercial Banking, which leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.