Capital One announced that it provided a $44.4 million loan for the acquisition of a medical office building portfolio in North Carolina. The borrower is a joint venture of a client advised of Heitman, a global real estate investment management firm, and Montecito Medical, a privately-held real estate company.

“Our team has closed many deals with both with Heitman and Montecito. Our understanding of their strategy was a major factor in our ability to develop a financing solution that aligns with their strategic vision and to close the transaction efficiently,” said Erik Tellefson, Managing Director, Capital One Healthcare.

Montecito specializes in the acquisition and funding of medical office building development. The firm has acquired over $1.7 billion in medical office/medical properties since its inception. Founded in 1966, Heitman invests in private equity, private debt and public equity markets around the world and has $37.5 billion in assets under management.

“We return to Capital One because of their deep experience financing medical office buildings,” said Chip Conk, CEO and Principal of Montecito. “We also appreciate their faith in our vision for our company’s future.”