Newmark Arranges Shariah-Compliant Financing for 7-State MOB Portfolio
Newmark arranged $200 million of Shariah-compliant financing for a medical office building portfolio on behalf of a joint venture between Dallas-based Big Sky Medical and GFH, an institutional investor based in Bahrain with a global portfolio of investments. Earlier this year, Newmark assisted in arranging the JV, which was seeded by a $400-million-plus MOB portfolio aggregated by Big Sky over the past 12 months. The portfolio financing was led by a U.S.-based financial institution.
Senior managing directors John Nero, Jay Miele and Michael Greeley and executive managing director Ben Appel of Newmark’s Healthcare Capital Markets group, and vice chairman Alex Foshay and executive managing director Joseph Morris of Newmark’s International Capital Markets group acted as sole financial advisors to the JV.
The portfolio comprises 13 outpatient MOBs and healthcare facilities totaling more than 714,000 square feet, located across seven U.S. states. The transaction includes a component for future acquisition financing.
- ◦Financing