Terravet Real Estate Solutions Announces Initial Closing of more than $150 Million in Commitments for its Third Fund and Debt Facility of up to $300 Million

PHILADELPHIA–(BUSINESS WIRE)–Terravet Real Estate Solutions, a leading real estate group focused on veterinary real estate, announced that they have raised more than $150 million in the first closing of Terravet Real Estate Fund III (“Fund III”), the company’s third fund.

Terravet Real Estate Solutions expects to raise more than $175 million in total equity for its third fund, which will be used to continue the company’s strategy of investing in, developing and operating veterinary and other healthcare real estate throughout the United States. The Pritzker Organization, L.L.C. continues to support Terravet as a significant investor and partner in the company and Fund III.

The company also closed on a dedicated debt facility co-led by KeyBank Real Estate Capital and M&T Bank to borrow up to $300 million secured by real estate acquired by Fund III.

Terravet’s latest fundraising will enable it to further capitalize on its position as a leader in the veterinary real estate sector and increasingly expand its investment focus to other select subsectors of healthcare real estate.

“We are excited to continue to provide veterinary real estate owners with an opportunity to create liquidity, while also working alongside veterinary and healthcare operators to improve the quality of their facilities,” said Daniel Eisenstadt, Founder and CEO of Terravet. Eisenstadt further commented that “Terravet’s committed equity and debt allows us to move quickly and provide certainty to veterinarians and other doctors who want to sell their real estate.”

About Terravet Real Estate Solutions

Terravet Real Estate Solutions is an internally managed real estate group which owns and manages veterinary properties and certain other healthcare properties across the United States. Terravet owns approximately 1,000,000 square feet of veterinary and healthcare real estate located in 30 states. Terravet partners with strong veterinary and healthcare operators and provides flexible solutions including sale-leasebacks, joint ventures, and renovation and expansion programs. The Terravet team is comprised of real estate, finance, and operating professionals and brings decades of expertise to the transactions it leads. Terravet is committed to improving health by channeling resources and knowledge to the facilities where care is delivered and to those who deliver the care. For more information, please visit www.terravetrealestate.com.

About The Pritzker Organization, L.L.C.

The Pritzker Organization is the merchant bank for the business interests of the Tom Pritzker family. TPO is focused on partnering with exceptional leaders to create value across a wide range of industries. TPO looks for opportunities where it can create value for its partners and colleagues over a significant time horizon. For more than 60 years, TPO has overseen and guided the development of dozens of portfolio companies across a wide variety of industries, including manufacturing, logistics, life sciences, hospitality, healthcare and services. Notable businesses include Hyatt Hotels, Triton Container and the Marmon Group. Recent control investments include Hargray Communications Group, TMS International, Lithko Contracting, KBP Investments, Mammoth Holdings and STV. In addition to its core strategy of building businesses over the long term, TPO is also active in special situations, advising the Pritzker family’s interests in the deployment of capital across a wide spectrum of industries and across every tier of the balance sheet, from senior debt to equity. Additional information can be found at www.pritzkerorg.com.

About KeyBank Real Estate Capital

KeyBank Real Estate Capital is a leading provider of commercial real estate finance. Its professionals, located across the country, provide a broad range of financing solutions on both a corporate and project basis. The group provides interim and construction financing, permanent mortgages, commercial real estate loan servicing, investment banking and cash management services for virtually all types of income producing commercial real estate. As a Fannie Mae Delegated Underwriter and Servicer, Freddie Mac Program Plus Seller/Servicer and FHA approved mortgagee, KeyBank Real Estate Capital offers a variety of agency financing solutions for multifamily properties, including affordable housing, seniors housing and student housing. KeyBank Real Estate Capital is also one of the nation’s largest and highest rated commercial mortgage servicers.

About M&T Bank

M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.

Contacts

Dan Feinberg

(612) 269-1017

dan.feinberg@terravetrealestate.com
Terravet Real Estate Solutions