LOS ANGELES – Karlin Real Estate Lending has provided Pontus Capital LLC with a $7.2 million senior secured loan to fund the acquisition of a four-property, triple net leased medical office portfolio in Louisiana from a private mental health operator.
The four buildings, ranging in size from 10,000 square feet to 24,000 square feet, are located in Alexandria, Baton Rouge, Lake Charles and Opelousas in Central Louisiana. The buildings have served as mental health facilities and are part of a network of 11 such facilities in Louisiana and Texas. The tenant, the largest behavioral health provider in Louisiana, will continue to occupy the buildings after signing a 20-year master lease in a sale-leaseback with Pontus.
“A voracious appetite for quality triple net deals has resulted in extremely high valuations and aggressive pricing but we were able to finance the acquisition of this quality portfolio at a very attractive debt yield,” said Karlin Real Estate Lending Managing Director Larry Grantham. “Throw in a successful and financially strong healthcare provider and an experienced sponsor who has managed more than $3 billion in single tenant commercial real estate and you have a recipe for success."
Seth Grossman, Managing Director of Meridian Capital in the firm’s San Diego Office arranged the financing.
Karlin Real Estate Lending (http://www.karlinre.com/index.html), a Los Angeles-based Bridge Lender backed by $1.5 billion in long-term equity capital, has deployed more than $200 million in senior and mezzanine financing for the acquisition and refinancing of opportunistic and transitional real estate assets throughout the United States. Karlin Real Estate Lending is the lending arm of Karlin Real Estate, an affiliate of private investment firm Karlin Asset Management.