Newmark Advises IRA Capital on Recapitalization of Two Surgical Hospitals in Florida and Louisiana
Newmark announced Oct. 29 that it has completed the recapitalization of a two-property surgical hospital portfolio in Florida and Louisiana on behalf of IRA Capital. IRA Capital will remain invested in the portfolio alongside a new institutional capital partner.
The portfolio totals 170,661 square feet and comprises Naples Surgical Hospital in Naples, Florida, and Central Louisiana Surgical Hospital in Alexandria, Louisiana. Newmark said both assets are fully occupied by healthcare operators.
Newmark Team Served as Exclusive Financial Advisor to IRA Capital
Newmark Vice Chairmen and Co-Heads of Healthcare Capital Markets Justin Shepherd, Ben Appel and Jay Miele, Vice Chairman and Head of Healthcare Debt Capital Markets John Nero, Senior Managing Director Michael Greeley, and Associate Directors Ron Ott, Conor Hilton and Drew Martin served as the exclusive financial advisor to IRA Capital.
"IRA Capital has built an institutional-quality healthcare real estate portfolio focused on properties that play a critical role in healthcare delivery," Shepherd said. "This recapitalization attracted significant interest from institutional investors due to the quality of the assets, their locations within established healthcare campuses and the strength of the underlying operators. The transaction provides IRA Capital with a new long-term partner while positioning the firm to continue expanding its best-in-class healthcare real estate footprint throughout the United States."
Newmark said the transaction is the latest milestone in its relationship with IRA Capital. The Newmark Healthcare Capital Markets & Investment Banking team has advised on nearly $2 billion in aggregate gross asset value transactions involving IRA Capital in recent years, including acquisitions, dispositions and recapitalizations.
Naples Surgical Hospital and Central Louisiana Surgical Hospital
Naples Surgical Hospital is an 87,030-square-foot facility in Naples, Florida. It sits adjacent to a major hospital campus and provides a range of surgical and specialty care services. IRA Capital acquired the property in 2022 and announced a lease with Physicians Regional Healthcare System in connection with that transaction.
Central Louisiana Surgical Hospital is an 83,631-square-foot facility in Alexandria, Louisiana. The property supports advanced surgical care and specialty medical services and serves patients throughout Central Louisiana.
Healthcare Real Estate Pricing Context
Healthcare properties continue to draw income-oriented investors. The average healthcare capitalization rate was 7.05% in the second quarter of 2026, while the 10-year Treasury yield was 4.70%. Healthcare cap rates have remained within a range of 6.98% to 7.07% for four consecutive quarters.
Provider-owned medical assets have traded at average cap rates of about 7.8% to 8.0% over the prior 12 months, compared with roughly 6.3% to 6.4% for REIT and health-system product.
The recapitalization structure allows IRA Capital to bring in a new partner while retaining its investment in the assets rather than selling them outright. The deal comes as Newmark reports continued pressure in capital markets. The firm posted third-quarter 2026 revenue of $973.2 million, up 12.7% year over year, while capital-markets revenue declined to $288.2 million from $301.3 million. Newmark attributed owner caution in part to high interest rates and elevated cap rates, which have discouraged some owners from bringing assets to market. For the first nine months of 2026, revenue rose 18.4% to $2.708 billion, and the company lowered its full-year revenue outlook to $3.7 billion to $3.8 billion from $3.775 billion to $3.875 billion.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate advisor and service provider to institutional investors and other owners, global corporations and other occupiers, and lenders. For the 12 months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion. As of June 30, 2026, Newmark and its business partners together operated from more than 195 offices with more than 10,000 professionals across four continents.
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