Newmark Group
Update
08/16/21
Newmark Arranges Recapitalization of Six-Building Medical Office Portfolio
Newmark announces that it has arranged the recapitalization of a medical office portfolio comprising six assets developed and operated by Aspect Health–as well as its development pipeline–and arranged a strategic joint venture for the development of healthcare facilities from New England through the Mid-Atlantic. Newmark Executive Managing Director Ben Appel, Senior Managing Directors Michael Greeley and Jay Miele and Managing Director John Nero of the firm’s National Healthcare Capital Markets Group advised Aspect Health and procured the institutional equity partner.
“The team clearly understood the needs and future vision for Aspect Health and Newmark was able to match us with a best-in-class strategic partner,” said Christopher Smith, CEO of Aspect Health.
“We’ve had the pleasure of advising Aspect Health for many years,” said Appel. “We are thrilled to see that work culminate in a programmatic joint venture between two of the leaders in healthcare real estate.”
Aspect Health’s portfolio totals approximately 275,000 square feet of recently constructed and renovated Class A medical office, in addition to its pipeline of medical office buildings under construction.
“This offering presented an attractive opportunity to form a strategic partnership with a highly experienced developer and operator of healthcare real estate with a 15-year track record of success,” said Greeley. “The seed assets represent a best-in-class collection of orthopedic centers of excellence, ambulatory surgery centers and outpatient medical office buildings across the metropolitan New York market.”
The portfolio further benefits from a curated clinical space program comprising tenants across some of the medical sector’s most desirable specialties, including surgery, orthopedics, sports medicine, pain management, radiology, dialysis, ophthalmology and primary care.
