Key Takeaways
- • JLL Capital Markets arranged a $38.5 million three-year refinancing for Provider Real Estate Partners (PREP), covering a six-property outpatient medical portfolio totaling 160,060 square feet across five states.
- • BankUnited, a Miami-based lender with deep healthcare sector expertise, provided the financing, establishing a new lending relationship to support PREP's continued portfolio growth in outpatient medical real estate.
- • The portfolio maintains 100% occupancy across a diverse tenant base of market-leading health systems and independent physician groups, located in Michigan, North Carolina, South Carolina, New Mexico, and Georgia.
- • All six assets were constructed between 2007 and 2020, positioning them as relatively modern facilities within the outpatient medical real estate sector across the Southeast, Midwest, and Southwest regions.
- • The JLL Capital Markets Debt Advisory team was led by Senior Director Anthony Sardo, with Associate Tara Hagerty and Analyst Matt Sykes supporting the transaction.
Summary
JLL Capital Markets completed a $38.5 million refinancing arrangement on September 11, 2024, for a six-property national outpatient medical portfolio owned by Provider Real Estate Partners. The transaction reflects continued institutional appetite for stabilized healthcare real estate assets with strong occupancy fundamentals and diverse tenant rosters.
The refinancing secured a three-year loan through BankUnited, a Miami-based institution positioned as particularly knowledgeable in healthcare sector lending. The portfolio comprises 160,060 square feet of space distributed across properties in Michigan, North Carolina, South Carolina, New Mexico, and Georgia (two properties), spanning the Southeast, Midwest, and Southwest markets. All assets were developed between 2007 and 2020, representing relatively modern construction within the outpatient medical building category.
Portfolio occupancy stands at 100%, with tenants comprising a diversified mix of regional and national health systems alongside independent physician groups. This occupancy profile and tenant quality underpin the refinancing structure and likely contributed to favorable lending terms from BankUnited. The transaction enhances PREP's capacity for continued expansion within the outpatient medical real estate sector, a subsector that continues to attract institutional capital due to structural demand drivers including the industry-wide shift toward outpatient service delivery.
The JLL Capital Markets Debt Advisory team executing the transaction was led by Senior Director Anthony Sardo, with Associate Tara Hagerty and Analyst Matt Sykes. This represents typical positioning of capital solutions within healthcare real estate brokerage, where specialized debt advisory teams manage relationships with borrowers and lenders across the sector's institutional transactions.
The refinancing secured a three-year loan through BankUnited, a Miami-based institution positioned as particularly knowledgeable in healthcare sector lending. The portfolio comprises 160,060 square feet of space distributed across properties in Michigan, North Carolina, South Carolina, New Mexico, and Georgia (two properties), spanning the Southeast, Midwest, and Southwest markets. All assets were developed between 2007 and 2020, representing relatively modern construction within the outpatient medical building category.
Portfolio occupancy stands at 100%, with tenants comprising a diversified mix of regional and national health systems alongside independent physician groups. This occupancy profile and tenant quality underpin the refinancing structure and likely contributed to favorable lending terms from BankUnited. The transaction enhances PREP's capacity for continued expansion within the outpatient medical real estate sector, a subsector that continues to attract institutional capital due to structural demand drivers including the industry-wide shift toward outpatient service delivery.
The JLL Capital Markets Debt Advisory team executing the transaction was led by Senior Director Anthony Sardo, with Associate Tara Hagerty and Analyst Matt Sykes. This represents typical positioning of capital solutions within healthcare real estate brokerage, where specialized debt advisory teams manage relationships with borrowers and lenders across the sector's institutional transactions.
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