Big Sky secures $190M financing for ten healthcare properties across four states

CHICAGO – Jan. 11, 2023 – JLL Capital Markets announced today that it has arranged approximately $190 million acquisition financing for ten healthcare properties totaling 857,779 square feet.

JLL worked on behalf of the borrower, Big Sky Medical Real Estate, in securing the five-year, floating-rate loan from a bank syndication led by Capital One Healthcare.

“Despite a challenging environment, our team and JLL persevered and successfully syndicated this loan to close out a successful 2022 for Big Sky’s partnership with GFH,” said Jason L. Signor, founder and CEO of Big Sky Medical. “We value our relationships with Capital One and the syndication group.”

The properties, which are collectively 87% occupied, serve a wide range of healthcare uses, including outpatient medical office buildings, ambulatory surgery centers, diagnostic imaging centers and more. The portfolio includes:

• Pyramids North, 9201 North Central Expressway, Dallas, Texas
• Pyramids South, 9101 North Central Expressway, Dallas, Texas
• Providence Park, 2501 Earl Rudder Freeway, College Station, Texas
• Greenpark MOB, 7515 Main St., Houston, Texas
• Peninsula Orthopedic Associates, 1675 Woodbrooke Dr., Salisbury, Maryland
• Tidal Health Cardiology, 400 Eastern Shore Dr., Salisbury, Maryland
• Pelican Professional Center, 42388 Pelican Professional Park, Hammond, Louisiana
• Texas A&M Health Science Center, 8441 Highway 47 West, College Station, Texas
• Peak Surgical Center, 610 North Coit Road, Richardson, Texas
• Valley Ortho & River Surgical Institute, 609 East Orangeburg Avenue, Modesto, California

JLL’s 2022 Healthcare and Medical Office Perspective highlights that patients are moving to sunbelt states and retirement markets such as Texas, Louisiana and California at exponential rates creating more demand for medical office buildings. As a result, medical office occupancy has ticked upwards as demand intensifies in a moderate construction environment which has gradually increased rents for the 11^th quarter in a row.

The JLL Capital Markets team representing the borrower was led by Managing Directors Timothy Joyce and John Chun and Director Anthony Sardo.

“We are thrilled to have the opportunity to work with the Big Sky Medical team to help capitalize this outstanding portfolio of medical office assets in diverse, high growth markets. We would like to thank the lenders for stepping up in a challenging environment and providing a great debt package for these acquisitions,” says Joyce.

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.

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Big Sky Medical Real Estate (“Big Sky”) is a national real estate investment management firm that invests in healthcare real estate across the United States with a concentration within the medical office and life science sector. Big Sky is headquartered in Dallas, Texas, with an investment focus all over the Southwest, Southeast, Midwest and Mid-Atlantic. Big Sky’s key management has over $2 billion in healthcare real estate investment experience.

GFH is one of the most recognized financial groups in the Gulf region. Its businesses include Asset Management, Wealth Management, Commercial Banking and Real Estate Development. The Group’s operations are focused in the GCC and the U.S. GFH is listed in Bahrain Bourse, Boursa Kuwait, Dubai Financial Market, and Abu Dhabi Securities Exchange. For more information, please visit www.gfh.com.

Capital One Healthcare specializes in investments and customized solutions that will help move you forward and fuel the growth of your organization. Their Healthcare Real Estate team has been lending for 20 years with both balance sheet transactional loans and longer-term agency loans. Capital One has financed both the largest REITs in the space and smaller owner-operators—offering customized solutions to borrowers ranging from $15 million to more than $150 million.

Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $317.2 billion in deposits and $444.2 billion in total assets as of September 30, 2022. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.