CHARLESTON, S.C. — Love Funding, a provider of FHA multifamily and healthcare financing, has closed a $361.4 million loan modification for the Medical University Hospital Authority (MUHA) in Charleston. MUHA, a division of the state of South Carolina, owns and operates the Medical Center of the Medical University of South Carolina (MUSC Health). The transaction, which was secured through the U.S. Department of Housing and Urban Development’s Section 242 loan insurance program, is the third-largest hospital loan in the agency’s history. Steven Hunt of Love Funding secured the loan, which was underwritten by Matthew Andrea of Love Funding. MUSC Health is a 696-bed teaching hospital and was recognized in 2012 by U.S. News & World Report as “One of America’s Best Hospitals.”
SAN CLEMENTE, CALIF. — Oceanview Medical Center in San Clemente has sold to Accretive Realty Advisors for an undisclosed sum. The campus contains a 30,913-square-foot medical office building that is situated across from the San Clemente campus of Saddleback Memorial Medical Center. The center is anchored by MemorialCare Health, which houses several affiliated practice groups. Accretive Realty represented itself in this transaction, while the unnamed seller was represented by Evan Kovac, Garth Hogan, Chris Stai and Kyle Kovac of Newmark Grubb Knight Frank's Global Healthcare Services Group. Hogan, along with John Scruggs, will serve as Accretive’s exclusive leasing agents.
BEL AIR, MD. — Washington Real Estate Investment Trust (WRIT) has sold the 33,921-square-foot Plumtree Professional Center, a single-story medical office building, for $8.75 million. The Atkins Companies, which is based in New Jersey, purchased the healthcare property at 104 Plumtree Rd. in Bel Air. Jonathan Carpenter and James Wellschlager of Cassidy Turley’s Capital Markets Group represented the seller.
NEEDHAM, MASS. — Tryko Partners has purchased Briarwood Healthcare & Rehabilitation Center, a 120-bed skilled nursing facility at 150 Lincoln St. in Needham for $12.5 million. The property includes long-term care and Alzheimer's units, with an onsite dining room, kitchen, laundry room, beauty salon, offices and a conference room. The seller was Walter Collins, a long-time owner and administrator. Jack Shea and John Davison of Rockland Trust arranged the financing for the sale.
SAN CLEMENTE, CALIF. — Oceanview Medical Center in San Clemente has sold to Accretive Realty Advisors for an undisclosed sum. The campus contains a 30,913-square-foot medical office building that is situated across from the San Clemente campus of Saddleback Memorial Medical Center. The center is anchored by MemorialCare Health, which houses several affiliated practice groups. Accretive Realty represented itself in this transaction, while the unnamed seller was represented by Evan Kovac, Garth Hogan, Chris Stai and Kyle Kovac of Newmark Grubb Knight Frank's Global Healthcare Services Group. Hogan, along with John Scruggs, will serve as Accretive’s exclusive leasing agents.
HOUSTON — The University of Texas' MD Anderson Cancer Center has purchased a 34.5-acre tract of land in Central Park, a 78-acre commercial development located in Houston's Energy Corridor. Wolff Cos. assembled Central Park in late 2011 and early 2012. Central Park is located on the north side of Interstate 10 between North Eldridge Parkway and State Highway 6. There is approximately 2 million square feet of office space either in construction or in the pipeline in the Energy Corridor, according to Wolff Cos.
BEAVER DAM, WIS. — National Health Investors has purchased the Charleston House, a 120-unit assisted living and memory care facility in Beaver Dam for $20.2 million. Landmark Senior Living Communities will lease the property for 15 years, with renewal options. The property includes one-bedroom apartments, on-site physical therapy and two television lounges.
HOUSTON — The Nora's Gift Foundation has selected Satterfield & Pontikes Construction to build the new 12,000-square-foot Nora's Home hospitality facility near the 45 million-square-foot Texas Medical Center in Houston, the world's largest healthcare campus. The $2.1 million facility will be located at 8300 El Rio St. and will provide lodging and support services for patients and families in a home-like environment. The property will feature 16 private bedrooms and bathrooms, a large commercial kitchen, great room, chapel, garden, community room, education center and free shuttle to the medical center. Satterfield & Pontikes plans to deliver the facility in August 2013. WHR Architects will provide design services, Walter P Moore will provide civil and structural engineering services and Affiliated Engineers will provide mechanical, electrical and plumbing engineering services.
HOUSTON — Griffin-American Healthcare REIT II, co-sponsored by American Healthcare Investors and Griffin Capital Corp., has acquired the 161,000-square-foot Bellaire Medical Center, a long-term acute care center and behavioral rehabilitation hospital located in Houston's Bellaire neighborhood. The hospital takes up an entire city block and is located four miles west of the 45 million-square-foot Texas Medical Center, the world's largest medical campus. Bellaire Medical Center has undergone $6 million worth of capital improvements since 2008, and $6.8 million is slated to be invested to further expand the facility. The medical center is fully leased to Cornerstone Healthcare Group and Ascent Health Corp. Griffin-American acquired the medical center directly from 5314 Dashwood, a subsidiary of PinPoint Commercial. Griffin-American financed the acquisition using $23.5 million from its unsecured line of credit from Bank of America and the remaining with cash on hand.
STOCKBRIDGE, GA. — Ackerman Medical, a division of Atlanta-based Ackerman & Co., has broken ground on its newest medical office building, the 60,000-square-foot Piedmont Physician Center in Stockbridge. The $11 million, three-story Class A building will be located at the entrance of Piedmont Henry Hospital at the intersection of Eagle’s Landing Parkway and Rock Quarry Road. It is set to open in October 2013 and is 60 percent leased. Piedmont Healthcare has taken 15,000 square feet on the second floor and OrthoAtlanta has secured the entire third floor. Henry Physician Center is being privately developed and is owned by a venture of Ackerman Medical, Commercial Assets Group and local physicians on long-term ground leases. John Willig of Ackerman Medical and Mike Tallant of Commercial Assets Group are leasing the property.