Jones Lang LaSalle Inc.
11/13/2024 | Press release | Distributed by Public on 11/14/2024 10:45
$55.2M acquisition financing secured for North Carolina medical portfolio
CAROLINAS, Nov. 13, 2024 - JLL Capital Markets announced today that it has arranged $55.2 million in financing for a nine-property, medical portfolio totaling 297,500 square feet in Burlington, Durham and Greensboro, North Carolina.
Working on behalf of AW Property Company ("AW"), JLL placed the 10-year, fixed-rate loan with a life company. Loan proceeds were used to acquire the portfolio.
With an average vintage of 2006, the portfolio is 99% leased to leading healthcare systems and dominant independent physician practices, with credit tenants representing 73% of in-place income. Prominent tenants include Cone Health, Duke Health and UNC Health. All of the properties are located on or adjacent to hospital campuses in Burlington, Durham and Greensboro markets.
The portfolio consists of: Cone Health Neurology Clinic; 1126, 1130, 1132 and 2001 North Church Street; and Wesley Long MOB in Greensboro; Alamance Eye Center in Burlington; and UNC Family Medicine Center and Duke Medical Center in Durham.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Travis Anderson and Senior Director Anthony Sardo.
"This is a top-tier portfolio of health system-aligned properties being acquired by, AW Property Company, a veteran sponsor in the sector," said Anderson "AW's long-term view on value for the assets matched well with the capital preservation goals of the lender."
"JLL is honored to have worked on AW's behalf to start this relationship and further the maturation of the financing market for medical properties," added 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.
For more news, videos and research resources, please visit JLL's newsroom.
AW Property Co. is a fully integrated real estate investment company that specializes in acquiring and enhancing medical office properties in major markets throughout the Southeastern United States. The firm has a highly dedicated, customer-focused team of professionals with expertise in all facets of real estate acquisitions, redevelopment, finance, operations, and asset management. Its headquarters are located in North Palm Beach, Florida with regional offices throughout the Southeast.