LAKEWAY, TEXAS — Walker & Dunlop has secured a $167 million construction loan for the planned 270,427-square-foot Lakeway Regional Medical Center in Lakeway. The HUD loan was underwritten at a 90 percent loan-to-cost rate and carries a 25-year amortization schedule. When complete, the property will feature a 52,071-square-foot parking garage, emergency rooms, diagnostic imaging areas and space for a full array of healthcare services.
Healthcare
LAGRANGE, GA. — McCarthy Building Cos. has completed the 140,000-square-foot South Tower at West Georgia Health's LaGrange campus. The $70 million project will accommodate up to 192 beds. The property houses a cardiovascular center, an intensive care unit and an emergency department.
OWENSVILLE, IND. — Cambridge Realty Capital Cos. has closed on a $4.32 million FHA-insured HUD Lean mortgage loan for a skilled nursing home in Owensville. Transcendent Healthcare of Owensville offers 68 beds. Cambridge Realty Capital Ltd. of Illinois arranged the fully amortized, 27-year term loan for the property’s owners, an Indiana limited liability company.
SEWELL, N.J. — CB Richard Ellis (CBRE) has arranged the sale of a medical office property in Sewell for $3.12 million. The 15,000-square-foot building is located at 570 Egg Harbor Road, less than a mile from Kennedy University Hospital's Washington Township campus and Virtua Hospital's new Gloucester County campus. The property is fully occupied through 2013 by the University of Medicine & Dentistry of New Jersey. CBRE's Douglas Rodio and Stephen Marzullo represented the seller, Guzzo Developers, and procured the buyer, a private investor.
PITTSBURGH — Healthcare Trust of America (HTA) has acquired a 191,612-square-foot medical office building located in Pittsburgh for approximately $40.5 million. Federal North is a four-story property located within two blocks of the 724-bed Allegheny General Hospital. It features a separate 525-space parking garage. Occupancy was 99 percent at the time of closing. The seller's name was not disclosed.
PORTSMOUTH, N.H. — Construction will soon commence for a new medical facility in Portsmouth. Northeast Rehabilitation Hospital will be a 33-bed, 46,000-square-foot facility that will provide acute rehabilitation services for the Northeast Rehabilitation Health Network. The project will be located within the Pease Tradeport Campus. Concord, N.H.-based North Branch Construction is serving as general contractor, and locally based JSA Inc. is serving as project architect. Completion is expected in spring 2011.
SANTA MONICA, CALIF. — Sixteenth Street Medical Center LP will develop a three-story, 50,000-square-foot outpatient surgery facility located at 1223 16th Street in Santa Monica. The development team, led by Randall Miller of The Nautilus Group, will build the facility for UCLA, which signed a long-term lease in February to occupy the entire building. The Michael W. Folonis Architects-designed property will be situated across the street from the Santa Monica-UCLA Medical Center and Orthopedic Hospital and is expected to obtain LEED Gold certification upon completion.
WHITTIER, CALIF. — Marcus & Millichap has brokered the $9 million acquisition of Doctor's Medical Center, a 40,659-square-foot medical office building located at 8135 South Painter Ave. in Whittier. Featuring newly opened surgery and imaging facilities, Doctor's Medical Center is situated one mile from Presbyterian Intercommunity Hospital, a 453-bed, acute-care campus. Marcus & Millichap’s Evan Kovac and Nic Lyon represented the buyer, a private investor, in the transaction.
COLUMBUS, OHIO — Turner Construction Co. has broken ground for the construction of Research Building III for Nationwide Children’s Hospital in Columbus. The 225,000-square-foot facility will serve as an anchor for the west campus expansion of Nationwide Children’s Hospital. The facility will house the Battelle Center for Mathematical Medicine, the Center for Cardiovascular and Pulmonary Research and the Center for Perinatal Research. Completion is slated for 2012. The project is being designed and constructed to meet LEED certification requirements.
MANCHESTER, N.H. — Construction has topped out for a 258,000-square-foot urgent care center in Manchester. The project, which can be expanded to 376,500 square feet, is being constructed for Elliot Hospital. It is part of The Elliot at River's Edge, an approximately 500,000-square-foot mixed-use project that is being developed as a public-private partnership led by locally based Anagnost Cos. At full build out, The Elliot at River's Edge will contain the urgent care center, a 126,000-square-foot medical office building, a 24-unit apartment building, an 11,300-square-foot retail building, two parking garages and a riverfront park.