TRUMBULL, CONN. — NorthMarq Capital’s New York office has arranged $115 million in construction financing and a permanent mortgage for an expansion of the Park Avenue campus of Bridgeport Hospital in Trumbull, located 65 miles northeast of New York City.
The 120,000-square-foot Class A facility will consist of a parking garage, as well as a three-story outpatient facility that includes three surgical suites, two lead-lined radiation treatment rooms, chemotherapy lounges, a phlebotomy lab, a radiology practice and a healing garden.
Ernest DesRoshers and Deanna Polizzo of the New York office of NorthMarq arranged the transaction, a 25-year fully amortizing, private-placement bond deal with a set rate that may be lowered at a future time.
The transaction provides for phased funding to minimize negative arbitrage as well as a free loan to the interest holder. NorthMarq arranged the financing with a credit tenant lease lender.
“We were able to restructure the existing debt on the two pre-existing properties that will be connected by the to-be-built medical office building,” says Polizzo.
Other amenities of the development include multiple entrances for patients for close proximity to doctors, skybridges and awnings to provide protection from the elements, and well-lit parking and entry areas.