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New York & Tri-State  + Midtown New York  + Healthcare  | 

KKR Forges Healthcare Properties JV with Cornerstone

KKR and Cornerstone Companies, Inc. have entered into a joint venture to acquire and develop a portfolio of diversified healthcare properties nationwide. New York-based KKR and Indianapolis-based Cornerstone have seeded the portfolio with the recapitalization of 25 Cornerstone-owned properties.  

With funding commitments provided by KKR’s real estate and credit funds and Cornerstone, the JV is positioned to acquire more than $1 billion in real estate assets over the next few years. Additional terms weren’t disclosed. 

The recapitalized portfolio includes 713,705 square feet of medical office buildings and ambulatory surgery centers located across 12 states. Cornerstone and KKR will grow the portfolio through acquisitions and net lease development opportunities. 

Newmark’s Healthcare Capital Markets Group advised Cornerstone and KKR on establishing the JV, represented Cornerstone on the portfolio recapitalization and advised KKR on debt financing. CBRE’s Healthcare and Life Sciences Capital Markets Group provided buyside advisory services to KKR on the recapitalization. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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