TIAA-CREF Invests $179 Million In Long-Term Financing With Department of Veterans
New Greenville, S.C. Outpatient Clinic Latest of Seven New Facilities Financed by TIAA-CREF That Improve Access to Health Services for Veterans
NEW YORK, NY AND GREENVILLE, S.C. – TIAA-CREF, a leading financial services organization with $542 billion in assets under management, today announced it provided $27 million in credit-tenant loan (CTL) financing for the new U.S. Department of Veterans Affairs outpatient clinic in Greenville, South Carolina. The Greenville clinic is the latest in a series of public-private partnerships between TIAA-CREF and the Department of Veterans Affairs, and marks the continued growth of the firm’s long-term financing program for VA facilities.
TIAA-CREF’s investment helped to finance the new 78,000 square-foot Greenville clinic, which opened in August. It will serve about 18,000 patients annually and is approximately 20,000 square feet larger than the previous facility. Originally opened in 1985 as a satellite to the Dorn VA Medical Center in Columbia, South Carolina, the clinic provides primary-care, dental and pharmaceutical services to veterans, as well as monthly services provided by the rehabilitation, prosthetic, and pain specialty clinics.
Since 2011, TIAA-CREF has provided a total of $179 million in CTL financing for seven new VA outpatient clinics across the country in the following cities:
- Bend, Oregon
- Green Bay, Wisconsin
- Greenville, South Carolina
- Jacksonville, Florida
- Las Vegas, Nevada
- Laredo, Texas
- Parma, Ohio
“Public-private partnerships such as these are attractive investment opportunities that also allow us to support a core service for our nation’s veterans,” said Robert Leary, executive vice president, TIAA-CREF, and president, TIAA-CREF Asset Management.
TIAA-CREF’s financing for VA facilities is structured as a credit-tenant loan. A credit tenant loan is a method of financing real estate in which the property owner borrows money to finance the construction and ongoing ownership of the building, using a percentage of future rent to repay the loan.
“As a strategic lender with a heritage of serving non-profit and government organizations, we are well-positioned to provide our partners with a stable source of long-term financing to construct these vitally important facilities,” continued Mr. Leary. “We have the depth of experience to make smart investments in this space and will continue to pursue these lending opportunities.”
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $542 billion in assets under management (as of 9/30/2013). It is the leading provider of retirement services in the academic, research, medical and cultural fields.
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