Caddis Closes on First MOB Fund, Consolidates $111M Portfolio

Caddis Partners LLC closed on its first investment fund to acquire fixed-income, core medical office buildings across the United States. The Dallas-based healthcare real estate company launched the fund by consolidating 12 medical office buildings owned by firm affiliates for $111 million. Furthermore, the Caddis fund is on track to buy three additional healthcare properties for $56 million by the end of 2017.

The portfolio’s medical office buildings are in Georgia, South Carolina and Texas.

The fund is focused on a 55% loan-to-value average strategy, meaning Caddis can purchase assets by cash, and acquire debt and a future date, according to the company’s Jason Signor. Caddis’ Lance Hardenburg indicated that $130 million in committed equity has been obtained for acquisition, which should double within the next year. The overall goal is an annual investment of $200 million-$300 million.

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