Capital One closes loan for acquisition of Norfolk medical building
Capital One said Wednesday that it provided a term loan for the acquisition of DePaul Medical Plaza, a 104,000-square-foot, Class A office building on the campus of Bon Secours DePaul Medical Center in Norfolk.
A joint venture including Brackett Flagship Properties, based in Charlotte, N.C., and USAA Real Estate Co., based in San Antonio, purchased the property for an undisclosed price. According to Capital One, the loan commitment includes a component for tenant improvements and leasing commissions.
“We structured this deal to be flexible as the property continues to lease space,” Erik Tellefson, managing director of Capital One Healthcare, said in a statement.
Several new leases are reportedly in the works now and are expected to be completed before the end of the year. The four-story building was built in 2014. The facility houses hospital outpatient services, including the Bon Secours Cancer Institute at DePaul, surgical specialists, internal medicine, cardiology, and other physician specialties.
DePaul Medical Plaza is one of four medical office buildings on the campus.
Capital One Healthcare provides financial services to the industry with more than $11 billion in total outstanding balances.