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DALLAS-Cambridge Holdings Inc. is starting the New Year with a new equity partner, New York City-based Care Investment Trust Inc., which has bought its way into a $263-million medical office portfolio for $72.4 million. The deal, stamped two days ago, includes dibs on $232 million of upcoming development.

Cambridge's capital infusion has bought 85% interest in eight properties in Texas and one, the Greater Baton Rouge Surgical Center at 7855 Howell Blvd. in Louisiana. Under the deal terms, Dallas-based Cambridge's affiliates will continue as managing general partners, holding onto leasing and management of the facilities.

Care has used a new DownREIT operating partnership subsidiary to close the transaction. According to this morning's press release, the deal was closed with $61.9 million in cash and 700,000 operating partnership units valued at $10.5 million. The existing portfolio has $178.9 million of asset-specific mortgage debt that matures after fourth quarter 2016 and bears a 5.86% weighted average interest rate. Dealmakers report that the transaction provides an initial preferred minimum return of 8% for Care's investment, with 2% escalations per year based on portfolio performance.