The credit facility is seeded by a four-asset portfolio of medical properties in New England
News release
06 November 2023
JLL Capital Markets arranges $75M credit facility for Sendero Capital and Angelo Gordon joint venture
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BOSTON, Nov. 6, 2023 – JLL Capital Markets announced today that it arranged a $75 million credit facility on behalf of a joint venture between Sendero Capital and Angelo Gordon that was formed to target the medical property sector. The credit facility is seeded with four assets totalling 201,369 square feet in Connecticut, Rhode Island and New Hampshire. The seed portfolio totalled nearly $30 million in initial loan proceeds, with a $45 million accordion feature for the acquisition of additional medical properties.
The credit facility provides Sendero Capital and Angelo Gordon’s programmatic joint venture – which allows for up to $300 million in investments in outpatient healthcare real estate – flexibility and certainty of execution in a challenging credit environment. The joint venture is focused on value-add and core plus outpatient medical office and surgery center assets throughout the Northeastern United States – a region with high barriers to entry, strong growth, and one of the largest concentrations of healthcare businesses in the U.S.
The JLL Capital Markets Debt Advisory team was led by Director Anthony Sardo.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sendero Capital
Sendero Capital is a privately held real estate investment, development and advisory firm based in Boston, MA. The principals of the firm have decades of experience investing in, developing, and managing large portfolios of real estate across the United States, including millions of square feet in the healthcare sector.
About Angelo Gordon
Angelo Gordon is a leading alternative investment firm founded in November 1988. The firm currently manages approximately $74 billion* with a primary focus on credit and real estate strategies. Angelo Gordon has over 700 employees, including more than 230 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe, and Asia. For more information, visit www.angelogordon.com.
*Angelo Gordon’s (the "firm") currently stated AUM of approximately $74 billion as of June 30, 2023 reflects fund-level asset-related leverage. Prior to May 15, 2023, the firm calculated its AUM as net assets under management excluding leverage, which resulted in firm AUM of approximately $53 billion last reported as of December 31, 2022. The difference reflects a change in the firm’s AUM calculation methodology and not any material change to the firm’s investment advisory business. For a description of the factors the firm considers when calculating AUM, please see the disclosure linked here.