Allianz Real Estate, acting on behalf of several Allianz group companies, has completed a $234 million lending investment for a joint venture between the Nuveen U.S. Cities Office Fund and a third-party institutional capital partner, collateralized by a crossed portfolio of 27 medical office properties in the United States. The properties were purchased from IRA Capital.
This transaction marks the second U.S. debt deal with Nuveen Real Estate, following Allianz’s $94 million financing of a six-property industrial portfolio for the investment manager’s U.S. Cities Industrial Fund (USCIF) in 2020.
This transaction is significant for several reasons, not least for the unique nature of the loan and the size of the portfolio. The deal is structured on a seven-year term with both a fixed rate tranche for $163.8 million (70 percent), a floating rate tranche for $70.2 million (30 percent) and is the first of its kind provided by Allianz Real Es
