Capital One announced it provided a $21.2 million first mortgage to a joint venture formed by Harrison Street Real Estate Partners and Pisula Development Company. The funds were used to purchase Imperial Medical Center, a 128,000-square-foot medical office building in Sugar Land, Texas, a suburb of Houston. Both Harrison Street and Pisula Development are longstanding Capital One customers.
Founded in 2005, Harrison Street Real Estate Capital has acquired or developed more than 665 properties in its targeted sectors of student housing, senior housing, medical office and self-storage. Pisula Development Company functions as the development division of RRC Medical Real Estate, located in The Woodlands, Texas. Over the past 11 years, in collaboration with local physician groups and health systems, RRC has broken ground on or acquired 48 projects totaling over 2.0 million square feet of medical office, retail and related commercial space in Houston, Dallas/Ft Worth, San Antonio and Beaumont.
“Capital One has built longstanding, trusted relationships with both of these companies,” said Erik Tellefson, Managing Director at Capital One Healthcare. “Our industry expertise, and in-depth understanding of medical office properties allowed us to align the financing solution with the client’s strategic plans for the medical center.”
“The Capital One team was extremely responsive to our needs and worked closely with us throughout the transaction to provide strategic financing options that align with our long-term goals,” said Jim Pisula, Chief Financial Officer at Pisula Development.
Capital One Healthcare is a leading provider of financial services to the industry with over $11 billion in total outstanding balances. Customers across healthcare sectors—including senior housing, healthcare services, pharmaceuticals, medical devices, healthcare IT and medical offices—rely on Capital One Healthcare to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives.
Pisula Development Company is the development arm of RRC Medical Real Estate, LLC. RRC is a full service, commercial real estate firm located in The Woodlands, a suburb of Houston, Texas. RRC provides property, asset and facilities management services for just under 1.6 million square feet of commercial real estate. Through its Pinecroft Realty, LLC subsidiary, RRC provides leasing and brokerage services.
Harrison Street Real Estate Capital LLC (“Harrison Street”) is one of the leading real estate investment management firms that offers innovative investment products across both private and public real estate segments. The firm has created a series of differentiated investment products across multiple risk/return platforms. Our 90+ person team is headquartered in Chicago, Illinois. Currently the firm and its affiliates manage approximately $11.5 billion in assets on behalf of some of the world’s largest institutional investors.