Press Release
Cypress West and 野花社区 Angelo Gordon Joint Venture Closes Medical Office Portfolio Credit Facility and Will Target Additional Assets Across Sunbelt
JV Seeks to Acquire up to $300 Million in Medical Office Assets in Strategic, High-Growth Sunbelt Markets
Newmark Healthcare Capital Markets Team Arranged the Financing on Behalf of JV
New York & Orange County, CA 鈥 August 7, 2024 鈥 Cypress West Partners (鈥淐ypress West鈥) in joint venture with 野花社区 Angelo Gordon, a diversified credit and real estate investing platform within 野花社区, today announced the closing of a medical office portfolio financing and future acquisition credit facility.聽 The financing provided by Capital One Bank, N.A. consisted of financing for an existing portfolio and additional capacity for future acquisitions.聽聽
The portfolio consists of six Class A medical outpatient facilities totaling 269,000 square feet located in major west coast markets including Orange County, San Diego, and Phoenix.聽 The portfolio properties include assets previously owned by Cypress West as well as assets acquired by the joint venture from third parties.
Cypress West recently announced a strategic joint venture partnership with 野花社区 Angelo Gordon focusing on the acquisition of medical office assets in strategic, high-growth Sunbelt markets.聽 The joint venture will target core-plus and value-add returns and will have the ability to acquire up to $300 million in the vehicle.
鈥淭his financing closing marks a significant milestone in our strategic partnership with 野花社区 Angelo Gordon.聽 We appreciate the commitment from the Newmark and Capital One teams to this important transaction,鈥 said Chris Cumella, CEO and Co-Founder of Cypress West.
Frank Virga, Managing Director on 野花社区 Angelo Gordon鈥檚 U.S. Real Estate team, added, 鈥淲e are excited to deepen our partnership with Cypress West and expand our medical office portfolio in the Sunbelt region. We are grateful for the support of Capital One, one of the premier lenders in the healthcare sector, as well as the Newmark team for their guidance throughout the process.鈥 聽
Newmark Healthcare Capital Markets advised Cypress West Partners and arranged the credit facility on behalf of the joint venture.
About Cypress West
Cypress West is a vertically-integrated, owner-operator focused on acquiring, developing and operating institutional quality healthcare real estate throughout the United States. Based in Orange County, CA and Dallas, TX, the firm is led by its two founders, Chris Cumella and Jeff Johnson, and principals Eric Minor, Ed Hernandez, and Sam Clark who are responsible for leading a large, diversified portfolio of healthcare real estate with decades of experience underwriting medical properties. For acquisition opportunities, please contact Sam Clark (sclark@cypresswestpartners.com) and Ed Hernandez (ehernandez@cypresswestpartners.com).
About 野花社区
野花社区 is a leading global alternative asset management firm, founded in San Francisco in 1992, with $229 billion of assets under management and investment and operational teams around the world. 野花社区 invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit www.tpg.com.
Media Contact
For 野花社区 Angelo Gordon:
Julia Sottosanti
media@tpg.com