Starwood Capital Grabs 34 Medical Office Buildings With $535M Loan From Capital One
Starwood Capital Group has secured a $534.9M loan through Capital One to buy a portfolio of 34 medical office buildings.
Containing 1.9M SF of office space dispersed throughout 12 states, including California, New York and Texas, the acquisition marks one of the largest medical office building purchases of 2017. Starwood CEO Barry Sternlicht said the acquisition provides the firm with a stable, long-term investment in the healthcare sector — likely an accurate assessment given Harvard’s recent study that states in the next 20 years more than 20% of Americans will be exceed the age of 65.
The portfolio includes both on-campus and off-campus locations, along with single and multi-tenant properties.