Business
Newmark Arranges $200 Million Shariah-Compliant Medical Office Portfolio Financing for Joint Venture Between Big Sky and Bahrain-Based GFH
NEW YORK, July 28, 2022 /PRNewswire/ -- Newmark announces it has arranged $200 million of Shariah-compliant financing for a medical office building portfolio
About this update from Newmark Group, Inc.
[{"type":"text","content":"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.\n\n \n \n \n \n \n \n\n \nNational 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. \n\"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.\nThe transaction includes a component for future acquisition financing, which will allow the venture to continue its acquisition strategy under similar terms.\nNael 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.\"\nNewmark 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.\n\"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 indica...