Artemis Recapitalizes 6 Properties with Rendina to Seed New JV for Development and Acquisition of MOBs Nationwide
Newmark announces that it has arranged a strategic joint venture seeded by a national MOB portfolio recapitalization. Rendina Healthcare Real Estate “Rendina” is a leading, national medical office development and acquisition platform, fully integrated with development, ownership, management and leasing capabilities. A pioneer in the healthcare real estate development sector, Rendina has developed more than 8.5 million square feet during its 35-year history. This transaction marks an inflection point in the growth of the company as the firm partners with Artemis Real Estate Partners (“Artemis”), an institutional investment manager that focuses on equity and debt investments in healthcare real estate across the United States.
Rendina and Artemis have entered into a joint venture to develop and acquire a national portfolio of healthcare properties. The venture was seeded with the recapitalization of six properties developed by Rendina. The nearly 230,000 square foot portfolio spans four states, with concentration in the Northeast, and is leased to some of the leading healthcare systems and physician group practices in the country. The joint venture will immediately invest in an additional 140,000 square foot medical office development, followed by a near-term development and acquisition pipeline.
Newmark’s Healthcare Capital Markets Group represented Rendina on the portfolio recapitalization, advised Rendina and Artemis on establishing the joint venture, and secured the acquisition and development financing. The transaction was led by Newmark Executive Managing Director Ben Appel, Senior Managing Directors Jay Miele and Michael Greeley, Managing Director John Nero, and associates Ron Ott and Adam Goss of the firm’s National Healthcare Capital Markets Group.
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