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CapMed Portfolio

CapMed Portfolio

$125,900,000 Refinance, TI & LC Financing

Washington, DC | Rockville, MD | Alexandria, VA | Fairfax, VA | Annandale, VA | November 2023

Thorofare Capital has provided a $125,900,000 floating rate, senior mortgage portfolio loan for the cash-in refinance of the CapMed Portfolio. The portfolio totals 700,819 SF of medical facility space across eight buildings throughout the Washington D.C. metro area, including Virginia, D.C., and Maryland.

Financing proceeds were utilized to retire existing fixed-rate life insurance company debt and fund costs to stabilize the portfolio. Additional structuring included partial release prices to offer flexibility of individual sale or refinance transactions for each of the individual buildings as loan repayment strategies.

The interest-only, structured whole loan carries a total term of three years with two conditional extension options and includes future-funding towards accretive tenant improvements and leasing commissions.

The portfolio is comprised of assets with stable investment fundamentals, and the properties are all located in primary markets with strong demand for healthcare services. A significant portion of the portfolio is located on or adjacent to leading hospital campuses within these markets.

The sponsor is an institutionally backed private equity fund manager that has invested over $65 billion across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Their experience includes investments on, near, or in partnership with 200+ universities and 30 top health systems and approximately 120 leading operating partners. Since inception, the sponsor has invested more than $65 billion across 1,500+ assets. As it pertains to medical facilities, the sponsor has invested in over twelve million square feet of space.