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Millions Flowing into Medical Real Estate
Date:7/30/2009

As other commercial real estate sectors suffer, savvy investors like Prudential target healthcare

Minneapolis (Vocus) – Even as other commercial real estate sectors struggle, investors continue to pour hundreds of millions of dollars into recession-resistant healthcare real estate. Recent deals have included $250 million in new debt and $30 million in new equity from Prudential Real Estate Investors (PREI), and a separate effort to create a new $40 million medical real estate investment fund. Those stories were detailed in Page 1 articles in this month’s edition of the Healthcare Real Estate Insights newsletter.

The Chicago-based healthcare real estate firm, Lillibridge, recently obtained $250 million in debt with a variety of sources, and secured $30 million in equity from PREI, which is part of Prudential Financial Inc. (NYSE: PRU). The debt was used to refinance existing medical properties, while the fresh equity – PREI’s fourth venture with Lillibridge – is earmarked for additional medical real estate acquisitions and new developments.

“We continue to acquire and develop even in these tough times and we have an equity source that believes in the management team and the assets that we’re buying and developing,” Lillibridge CFO Joe Kurzydym told HREI.

Meanwhile, Nashville, Tenn.-based developer Oman-Gibson Associates says it is looking to raise $40 million from investors, and then leverage new medical real estate developments and acquisitions in the 40 percent to 50 percent range. As a result, the fund could invest up to $80 million to $90 million in healthcare real estate.

“We believe this allows us to take advantage economic conditions that exist today,” Tom Gibson, one of the firm’s principals, told HREI. “Healthcare is still viewed as a counter-cyclical play, and the markets that
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Millions Flowing into Medical Real Estate
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