Sendero Capital, Angelo Gordon JV secure $75m credit facility to target the medical property sector

A joint venture between Sendero Capital and Angelo Gordon announced that it secured a $75 million credit facility to target the medical property sector. The credit facility is seeded with four assets totaling 201,369 square feet in Connecticut, Rhode Island and New Hampshire. The seed portfolio totaled nearly $30 million in initial loan proceeds, with a $45 million accordion feature for the acquisition of additional medical properties.

The credit facility provides Sendero Capital and Angelo Gordon’s programmatic joint venture — which allows for up to $300 million in investments in outpatient healthcare real estate — flexibility and certainty of execution in a challenging credit environment. The joint venture is focused on value-add and core-plus outpatient medical office and surgery center assets throughout the Northeastern United States — a region with high barriers to entry, strong growth and one of the largest concentrations of healthcare businesses in the United S