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Montecito Medical Real Estate has secured a $50.4-million financing for a national medical office building portfolio.

Montecito Medical Real Estate Stitches Up $50M Refi for MOB Portfolio

Nashville, TN-based Montecito Medical Real Estate has secured a $50.4-million financing for a national medical office building portfolio.

John Nero, Ben Appel, Jay Miele and Michael Greeley of Newmark‘s healthcare capital markets acted as advisor to portfolio owner and borrower Montecito Medical Real Estate, a privately held company specializing in medical and veterinary real estate acquisitions. First Citizens Bank’s healthcare finance group provided the portfolio recapitalization financing.

“We appreciate the opportunity to advise Montecito on this important financing, which generated significant interest from lenders given the portfolio’s stable occupancy, strong credit tenancy and attractive borrower profile, among other attributes,” said Nero. “Lender interest in medical office buildings remains strong given the sector’s fundamentals.”

The portfolio consisted of seven medical office buildings totaling approximately 200,000 square feet, spanning PA (four), IL (two) and FL (one). The properties were 100% leased at closing to tenants comprised mostly of investment-grade, non-profit health systems and dominant physician networks.


Inside The Story

Newmark's Nero

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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