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AW Property Demos Appetite for MOBs With Strong Loan

The firm's goal was to align maturities on the portfolio and to hedge the fund's interest rate risk by swapping to fixed-rate debt at closing.

By Jennifer LeClaire | Updated on December 19, 2017
Lake Lurna Professional Center is a 45,458-rentable-square-foot medical office property in Downtown Orlando. Lake Lurna Professional Center is a 45,458-rentable-square-foot medical office property in Downtown Orlando.

MIAMI—AW Property Co. has won the confidence of investors. That said, the property type is part of the attraction.

Capital One provided a $46 million loan to AW Property to refinance a portfolio of seven medical office buildings (MOBs) in Florida totaling 251,000 square feet. The loan was provided at the first closing of AW Property’s third healthcare investment fund, AW Florida MOB III. This is the seventh transaction that Capital One has closed with AW Property.

“AW Property’s goal was to align maturities on the portfolio and to hedge the fund’s interest rate risk by swapping to fixed-rate debt at closing,” says Erik Tellefson, managing director of Capital One Healthcare. “Because we were familiar with the properties, we were able to move forward with the transaction quickly.”

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