Morgan Stanley Refis Medical Office Portfolio With $327M CMBS Loan

A joint venture between Welltower and Wafra has secured $327 million of commercial mortgage-backed securities (CMBS) financing to refinance  a national medical office portfolio, a Bloomberg terminal report shows. 

Morgan Stanley originated a $278.3 million, two-year, floating-rate, interest-only loan with three one-year extension options in the HAVN Trust 2025-MOB single-borrower CMBS deal that priced early Thursday, backed by 22 medical office properties in 13 states. Artemis also provided a $48.7 million mezzanine loan for the portfolio, which encompasses 1.4 million square feet.

Newmark arranged the financing with a team led by Jordan Roeschlaub, Nick Scribani and John Caraviello. 

Proceeds from the loan will be used to refinance $298.9 million of existing debt, fund upfront reserves and pay closing costs, according to a Fitch Ratings analysis of the deal. The portfolio’s largest metropolitan areas by net rentable area include Philadelphia (16 percent) Kileen, Texas, (14.7 percent) and Knoxville, Tenn. (10.1 percent).

The 22 properties were acquired between 2006 to 2014, according to the Fitch report.

Officials at Welltower, Wafra and Newmark did not immediately return requests for comment. Morgan Stanley declined to comment.

Andrew Coen can be reached at acoen@commercialobserver.com