BURIEN, WASH. – Navos Mental Health Solutions has received $8 million in New Markets Tax Credit (NMTC) financing for the completion of a 52,400-square-foot Behavioral Health Care Campus in Burien. The financing was provided by WNC & Associates. The facility will be developed by Navos, designed by DKA Architecture and built by Abbott Construction. It is anticipating a fall 2012 opening. The NMTC is a federal program that was created to support economic and community development in low-income communities.
GAINESVILLE, FLA. — Gainesville-based Charles Perry Partners Inc. (CPPI) has broken ground on North Florida Regional Medical Center's $32 million, 116,380-square-foot patient tower, located at 6500 Newberry Rd. in Gainesville. The 92-bed facility will include a state-of-the-art, 12-position Level II Neonatal Intensive Care Unit. Nashville, Tenn.-based Earl Swensson Associates designed the property. In addition, CPPI will renovate 25,106 square feet of space in the cardiology department. A cath lab will be added and non-invasive cardiology, medical records and nuclear medicine will be relocated. Completion is slated for June 2013.
HAMILTON SQUARE, N.J. —Beech Street Capital has arranged a $8.9 million HUD loan to refinance Arcadia Nursing and Rehabilitation Center, a 128-bed skilled nursing facility in Hamilton Square. The borrower had 28 years left on an existing $9 million FHA loan. Beech Street increased the loan term to 35 years. Joshua Rosen of Beech Street originated the loan.
NOVI, MICH. — Healthcare Trust of America (HTA) has purchased a 203,000-square-foot, on-campus medical office building in Novi for $51.3 million. The St. John Providence medical office building is connected directly to the Providence Park Hospital via an enclosed walkway. Developed and owned by a group of independent physician investors since 2007, the building is currently 99 percent leased. The addition of the asset increases HTA's presence into 26 states.
CLEVELAND — Louisville, Ky.-based New Directions Health Systems and Whitetail Land Development have partnered to develop new medical facilities in Timbercrest Medical Park, located on a 600-acre campus at the intersection of State Highway 105 and the eastern bypass in Cleveland. The new properties will include medical office buildings, a hospital and an assisted living facility. New Directions is the management firm for Cleveland Regional Medical Center, which plans to lease 40,000 square feet of office space in the new development. Construction on the medical office buildings is slated for the summer of 2012, and construction for the hospital will commence after 2016.
FLOWER MOUND — Dr. Arthur Bradley has signed a 5-year, 1,410-square-foot lease to open his chiropractic practice, Arteva LLC, at Shops at Flower Mound, a 44,353-square-foot neighborhood shopping center located at 2021 Justin Rd. in Flower Mound. Leigh Richter and Paul Richter of Bradford Commercial Real Estate Services' Dallas office represented the landlord, Houston-based KM Flower Mound, in the lease transaction.
ST. LOUIS — Tampa-based Carter Validus Mission Critical REIT has acquired the St. Louis Surgical Center, an ambulatory surgical center in St. Louis, for $8.4 million. The facility is in close proximity to three area hospitals: St. Johns Mercy Medical Center, BJC Missouri Baptist and Barnes Jewish West County Hospital. The surgical center opened in 2005 with nine pre- and post-operating bays and five operating rooms totaling 14,718 square feet. In 2007, the facility expanded by 7,105 square feet with the addition of two operating rooms and nine overnight stay rooms.
CHICAGO — Rockford 550 has completed the $2.2 million sale of a 13,980-square-foot medical property, located at 825 W. 35th St. in Chicago. The property is net-leased to Fresenius Medical Care (FMC), which has 11 years remaining on its lease. FMC specializes in kidney dialysis and patient-oriented renal therapy. Ben Rosenfield of Titan Commercial's Chicago office represented Rockford in the transaction. Coldwell Banker represented the buyer, Georgia Tsoutsos.
PHILADELPHIA —Pennsylvania Real Estate Investment Trust has signed an agreement to launch a Mercy Health System consumer health and wellness facility at Plymouth Meeting Mall in Philadelphia this September. The health system is aligned with Mercy Suburban Hospital. The 23,000-square-foot outpatient ambulatory healthcare facility will include primary care physicians and specialist offices, physical therapy and non-invasive procedure suits, imaging facilities and a walk-in clinic. The space will be accessible from both inside and outside the mall.
ROXBURY, MASS. —Whittier Street Health Center has unveiled its new six-story, 79,000-square-foot health and wellness facility in Roxbury. The $37 million building will house a variety of medical, social and wellness services, including cancer screening, dental care and violence prevention programs. Construction was funded in part by federal stimulus money. Whittier received a $12 million grant through the American Recovery and Reinvestment Act in 2010. The center is located at 1190 Tremont St.