Real Estate Capital

KeyBank provided $42.9 million in capital for the Pointe Grand Dawsonville. The transaction includes a $42,923,000 ($143,077/unit) non-recourse, first mortgage loan secured by a 300-unit garden-style apartment complex known as Pointe Grand Dawsonville in Dawsonville, Georgia. Built between 2022 and 2023, the improvements consist of 12, three-story residential buildings, one leasing office building, one fitness center building, and one mail kiosk situated on 23.52 acres. The proposed loan will be used for the refinance the existing debt. The loan is structured with a five-year interest only term.

On March 1, 2024, Healthpeak Properties, Inc. (NYSE: PEAK) (Healthpeak) announced that it closed its previously announced merger (the Transaction) with Physicians Realty Trust (NYSE: DOC) (Physicians Realty Trust). The all-stock merger of equals is valued at approximately $21 billion. At close, each Physicians Realty Trust common share was converted into 0.674 of a newly issued Healthpeak common share. The combined company operates under the name “Healthpeak Properties, Inc.” and began trading under the ticker symbol “DOC” at the open of trading on The New York Stock Exchange on March 4, 2024.

The combined company is the leading real estate platform dedicated to healthcare discovery and delivery with a 52-million-square-foot portfolio, including 40 million square feet of outpatient medical properties concentrated in high-growth markets such as Dallas, Houston, Nashville, Phoenix, and Denver. The Transaction is expected to generate merger-related synergies of $40 million during 2024 with potential for $20 million or more of additional synergies by year-end 2025. In connection with the completion of the merger, the Healthpeak Board of Directors expanded to 13 directors with the addition of five new directors that previously served on the board of trustees of Physicians Realty Trust.

Physicians Realty Trust is a self-managed health care real estate company organized to acquire, selectively develop, own, and manage health care properties leased to physicians, hospitals, and health care delivery systems. As of December 31, 2023, DOC’s consolidated portfolio consisted of 278 health care properties in 32 states with approximately 15.6 million net leasable square feet, which were approximately 94% leased with a weighted average remaining lease term of approximately 5.1 years.

Disclosure

KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and by its licensed securities representatives. Banking products and services are offered by KeyBank N.A.

Secured by a portfolio of 19 multifamily garden-style properties known as Montium Credit Facility and diversified across Pennsylvania, New Jersey and Delaware. The properties were generally built in the 1960s with the oldest property built in 1947 and the newest one in 2008.

Eight-year fixed-rate financing secured by a four-property multifamily portfolio in Arizona, Utah, and Colorado. Debt was used to refinance the existing insurance company loan that KeyBank previously arranged in 2016.

Seven-year fixed-rate financing secured by a newly developed 252-unit multifamily property in Dunellen, New Jersey. Debt was used to refinance a maturing construction loan.

Three-year fixed-rate financing secured by a 242-unit Class A multifamily property in Seattle, Washington. Debt was used to refinance an existing loan.

Five-year fixed-rate financing secured by a 770-unit Class A self-storage facility. Debt was used to refinance the existing bridge loan that KeyBank provided.

Five-year fixed-rate financing secured by a Class B+ multifamily property in Chandler, Arizona. Debt was used to facilitate the acquisition of the property.