NEW
YORK, July 28, 2022 /PRNewswire/ -- Newmark
announces it has arranged $200
million of Shariah-compliant financing for a medical office
building portfolio on behalf of a joint venture between
Dallas, Texas-based Big Sky
Medical ("Big Sky") and GFH, a leading institutional investor based
in Bahrain with a global portfolio
of investments. Earlier this year, Newmark assisted in arranging
the joint venture, which was seeded by a $400+ million medical
office portfolio aggregated by Big Sky over the past 12 months. The
portfolio financing was led by a U.S.-based financial
institution.
National healthcare real estate platform Big Sky was founded in
2020 by industry veteran Jason L.
Signor, who spent the last 18 years acquiring and developing
medical office buildings and senior housing facilities in 19 states
across the country.
"This portfolio financing represents an important milestone in
the growth and continued success of the Big Sky and GFH joint
venture, as we continue to aggregate best-in-class medical office
and outpatient healthcare assets," said Signor.
The transaction includes a component for future acquisition
financing, which will allow the venture to continue its acquisition
strategy under similar terms.
Nael Mustafa Chief Investment
Officer, Real Estate of GFH said, "We are pleased to continue to
grow our healthcare real estate platform alongside Big Sky, who
complements our own global investment capabilities with deep
knowledge of the U.S. healthcare market. With this financing, we
are well placed to make additional strategic acquisitions in this
space and bring unique assets to our investors in the Gulf
Cooperation Council (GCC) as the U.S. healthcare sector continues
its strong performance and delivers opportunities for further
value-creation."
Newmark Senior Managing Director John
Nero, Executive Managing Director Ben Appel and Senior Managing Directors
Jay Miele and Michael Greeley of Newmark's Healthcare
Capital Markets group, and Vice Chairman Alex Foshay and Executive Managing Director
Joseph Morris of Newmark's
International Capital Markets group acted as sole financial
advisors to the Joint Venture.
"We are pleased to assist Big Sky and GFH in this important
portfolio financing transaction, which received strong interest
from the markets. The transaction is a good indication that the
market remains quite competitive for well-curated healthcare
portfolios with experienced sponsorship, high-quality collateral
and strong healthcare provider tenancy," said Nero. "We appreciate
the opportunity to continue advising Big Sky and GFH and are
excited to see the continued growth of the venture since its
formation less than one year ago," added Appel.
The portfolio comprises 13 outpatient medical office buildings
and healthcare facilities totaling over 714,000 square feet,
located across seven U.S. states. The portfolio features
characteristics of strong WALT and high occupancy by leading
healthcare providers, including Children's Wisconsin, Beaumont Health, Texas Health
Resources, UPMC and Women's Care Florida.
About Big Sky Medical
Big Sky Medical Real Estate is an investment manager focused on
commercial real estate across the United
States with an overweight focus on the medical office
sector. Big Sky was formed in 2020 to exclusively invest in
healthcare and life science real estate. Big Sky leverages
its deep relationships built over the past two decades as a sector
specialist to position its platform as a flexible source of capital
for developers, healthcare operators and investors of high quality
medical real estate without competing conflicts of interest. To
learn more, visit bigskymed.com.
About GFH
GFH is one of the most recognized financial groups in the Gulf
region. Its businesses include Asset Management, Wealth Management,
Commercial Banking and Real Estate Development. The Group's
operations are focused in the GCC, and the US. GFH is listed in
Bahrain Bourse, Boursa Kuwait,
Dubai Financial Market, and Abu Dhabi Securities Exchange. For more
information, please visit www.gfh.com
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its
subsidiaries ("Newmark"), is a world leader in commercial real
estate, seamlessly powering every phase of the property life cycle.
Newmark's comprehensive suite of services and products is uniquely
tailored to each client, from owners to occupiers, investors to
founders, and startups to blue-chip companies. Combining the
platform's global reach with market intelligence in both
established and emerging property markets, Newmark provides
superior service to clients across the industry spectrum. Newmark
generated revenues of nearly $3.1
billion for the twelve months ending March 31, 2022. Newmark's company-owned offices,
together with its business partners, operate from approximately 170
offices with 6,300 professionals around the world. To learn more,
visit nmrk.com or follow @newmark.
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historical facts are "forward-looking statements" that involve
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from those contained in the forward-looking statements. These
include statements about the effects of the COVID-19 pandemic on
the Company's business, results, financial position, liquidity and
outlook, which may constitute forward-looking statements and are
subject to the risk that the actual impact may differ, possibly
materially, from what is currently expected. Except as required by
law, Newmark undertakes no obligation to update any forward-looking
statements. For a discussion of additional risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see Newmark's Securities and
Exchange Commission filings, including, but not limited to, the
risk factors and Special Note on Forward-Looking Information set
forth in these filings and any updates to such risk factors and
Special Note on Forward-Looking Information contained in subsequent
reports on Form 10-K, Form 10-Q or Form 8-K.
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