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Cypress West, TPG Angelo Gordon Close MOB Portfolio Financing
A joint venture of Cypress West Partners and TPG Angelo Gordon closed a medical office building portfolio financing and future acquisition credit facility. The financing provided by Capital One Bank, N.A. consisted of financing for an existing portfolio and additional capacity for future acquisitions. Financial terms were not disclosed.
The portfolio includes six Class A medical outpatient facilities totaling 269,000 square feet located in major West Coast markets including Orange County, San Diego and Phoenix. Its properties include assets previously owned by Cypress West and assets acquired by the JV from third parties. The JV is targeting core-plus and value-add returns in properties across the Sunbelt.
Newmark Healthcare Capital Markets advised Cypress West Partners and arranged the credit facility on behalf of the JV.
“This financing closing marks a significant milestone in our strategic partnership with TPG Angelo Gordon,” said Chris Cumella, CEO and co-founder of Cypress West. “We appreciate the commitment from the Newmark and Capital One teams to this important transaction.”
- ◦Financing