Capital One announced that it provided a $104.4 million adjustable-rate loan to a joint venture between Catalyst Healthcare Real Estate and Bain Capital Real Estate for the acquisition of 21 medical office buildings totaling 531,000 square feet and located across eight states. This is the second transaction that Capital One closed with Catalyst last year. 

The loan consists of $94.4 million in initial funding and holdbacks for tenant improvements/leasing commissions and capital expenditures.

“Catalyst is one of the nation’s fastest-growing healthcare real estate development and acquisition firms,” said Erik Tellefson, Managing Director of Capital One Healthcare. “Over the last few years, they have been working very hard to grow relationships and expand their geographic footprint. This transaction advances that strategy.”

Catalyst Healthcare Real Estate is a healthcare real estate development and acquisition firm that owns, manages, and services over two million square feet of healthcare real estate in 12 states in the Southeast and Midwest. It is partnering with Bain Capital Real Estate, which was formed earlier last year and whose team has been investing together since 2010.  The team focuses on small-to-mid-sized assets where it applies its operational expertise to accelerate impact and drive earning power.

“We very much appreciated the expertise that Capital One brought to our transaction,” said Chad Henderson, Catalyst’s CEO. “Closing on this portfolio was a big step in our company’s growth plans.”

The portfolio consists of predominately off-campus properties in Florida, Tennessee, Georgia, Texas, Virginia, Illinois, Indiana, and North Carolina. It is 95 percent leased.