Minneapolis-based Davis Medical Investors LLC, an affiliate of Davis Real Estate Service Group, LLC, recently announced its acquisition of a ten-story medical office building in Portland, Maine in a deal that closed in late August. Varnum served as legal counsel for Davis.
Financing for the Maine medical office building acquisition is part of a larger $250 million loan facility the Varnum team of Kevin Macaddino, Ed Gusky and Lauren Potocsky completed for Davis at the time of the acquisition, with which the investor group plans to acquire several other properties in various parts of the country.
In December 2020, the Varnum team completed a $150 million loan facility for Davis in connection with the acquisition and refinancing of eight medical office buildings in various parts of the country. Concurrently, the Varnum team assisted Davis in the divestiture of an additional medical office building.
In addition to the $250 million loan, the Varnum team completed an additional $57 million in acquisition and construction loans on behalf of Davis in a recent 30-day period.
Varnum provided the legal work in connection with financing arrangements through Capital One and a partnership with a real estate investment trust (REIT), including handling due diligence, survey, title, and environmental work, negotiation of the purchase agreements, negotiation of the sophisticated financing facilities, and the negotiation and documentation of the complex organizational structure required in partnering with the REIT for each single purpose real estate holding company.