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.
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).