BETHESDA, Md.--(BUSINESS WIRE)--Healthcare Financial Services (HFS), a GE Capital business, announced today that it has provided a first mortgage to Landmark Healthcare Facilities LLC for a new, 90,156 square foot medical office building in Kansas City, MO. Proceeds will be used to replace construction financing and for other corporate purposes.
The new medical office building represents an expansion to Truman Medical Center’s Hospital Hill campus. Multiple tenants lease space in the building with Truman Medical Center occupying the majority of the building for various outpatient services including an outpatient surgery center. The project received development incentives designed to encourage investment in urban renewal areas through Kansas City’s Land Clearance for Redevelopment Authority program.
Milwaukee, WI-based Landmark is a full-service developer of physician office buildings and clinics, ambulatory care and surgery centers, cardiac and cancer centers, imaging centers, fitness and women’s centers and laboratories. Formed in 1995, Landmark has developed more than 300 outpatient facilities.
Mark Eisenmann, Landmark’s CFO, said, “We’ve worked on over a dozen transactions with Erik Tellefson and Healthcare Financial Services since 2011. In addition to being a reliable source of financing, they bring an in-depth understanding of the unique requirements of medical office buildings.”
Erik Tellefson, a managing director of Healthcare Financial Services, said, “It is a pleasure to work again with Landmark, a premier medical office developer, and with Physicians Realty Trust, providing the mezzanine financing, on this new facility which will quickly become a source of vital medical services and new jobs in the region. We continue to support the Medical Office asset class and are actively lending, adding value with our healthcare expertise, structure and flexibility, on-book relationship lending and high certainty of close.”
John Thomas, President and CEO of Physicians Realty Trust said, “We are very pleased to close another transaction with Healthcare Financial Services and with Landmark. We value these relationships and the value and expertise all parties bring to the table, and look forward to future transactions.”
About Healthcare Financial Services
GE Capital’s Healthcare Financial Services (HFS) business is one of the most active capital providers in the U.S. healthcare market, providing more than $10.5 billion in financing across more than 240 transactions in 2014. Of these, over $1 billion were committed in the medical office building and the medical properties sector across more than 60 transactions. On August 11, 2015, Capital One agreed to acquire HFS from GE in a transaction that is expected to close in the fourth quarter of 2015.
Customers across 45 healthcare sectors — including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals and medical devices — rely on HFS to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives. With in-depth industry knowledge and expertise, the HFS team of professionals creates financial solutions tailored to meet the individual needs of its customers. For more information, visit gecapital.com/healthcare.
GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
About Landmark Healthcare Facilities LLC
Landmark Healthcare Facilities LLC is a leading full-service developer of physician office buildings and clinics, ambulatory care and surgery centers, cardiac and cancer centers, imaging centers, fitness and women’s centers and laboratories. Landmark Facilities provides all the professional services and work product and deliverables that are required to design, develop and construct the complete range of outpatient buildings -- on a guaranteed-price, full-service basis.
Landmark Facilities is the asset and property manager of all the outpatient buildings that are under the ownership of the Landmark Healthcare Properties Fund LLC. More information on Landmark Facilities and the Landmark Fund can be found at www.landmarkleadership.com.