SWEDESBORO, N.J. — Marcus & Millichap has brokered the $2.5 million sale of a 10,193-square-foot medical office building in the Southern New Jersey community of Swedesboro. Completed in 2008, the building at 100 Lexington Road was fully leased at the time of sale, with Inspira Health serving as the anchor. Mark Krantz and Derrick Dougherty of Marcus & Millichap represented the seller and procured the buyer, both of which were locally based entities that requested anonymity, in the transaction.
WETHERSFIELD, CONN. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $7.5 million in financing for a 55,000-square-foot medical office building in Wethersfield, located just south of Hartford. The building at 1260 Silas Deane Highway was completed in 1960 and renovated in 1999 and is leased to affiliates of Starling Physicians and Hartford HealthCare Medical Group. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the loan through an undisclosed local lender. The sponsor is an affiliate of Connecticut-based Phoenix Realty Management.
BATESVILLE, MISS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.3 million loan for the refinancing of Progressive Health of Batesville, a rural emergency hospital located at 303 Medical Center Drive in Batesville, a city in northern Mississippi. The full-service hospital offers emergency medicine, surgery, women’s health, children’s health, intensive outpatient care, outpatient radiology, rehabilitation and wound care services. Steven Rock of MMCC’s Westchester, N.Y., office secured the financing with a national credit union service organization on behalf of the borrower, a national investment company that invests in credit tenant, double-net and triple-net lease properties. The five-year loan includes an 8.5 percent interest rate with a 30-year amortization period and a 75 percent loan-to-value ratio.
WETHERSFIELD, CONN. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $6.2 million in financing for a 40,000-square-foot medical office building in Wethersfield, located just south of Hartford. The building at 1210 Silas Deane Highway was developed in 2022 as a build-to-suit for Starling Physicians, Connecticut’s largest physician-led multispecialty medical group. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the 25-year loan through an undisclosed local bank. The sponsor is an affiliate of Connecticut-based Phoenix Realty Management.
SAN DIEGO — PSRS has arranged a $10 million loan for the refinancing of Mercy Medical, a medical office building in San Diego. Built in 1979 and renovated in 2017, the seven-story, multi-tenant building features 86,288 rentable square feet. James Mulvihill, Kevin Mulvihill and Alexander Santulis of PSRS secured a nonrecourse, interest-only loan with flexible prepayment terms through one of PSRS’ correspondent life insurance company lenders for the undisclosed borrower.
WENTZVILLE, MO. — McCarthy Building Cos. has broken ground on Mercy Hospital Wentzville, a 400,000-square-foot hospital in Wentzville, a far west suburb of St. Louis. The project marks Missouri’s first new acute care hospital campus in nearly a decade, according to McCarthy. The development will include 75 inpatient acute care beds and a 26-bed emergency department with two trauma areas and four behavioral health rooms. The advanced medical campus will offer a broad range of inpatient and outpatient care, including surgical and specialty options such as cardiovascular, cancer and orthopedics as well as outpatient imaging, diagnostic and treatment services. Crews began preparing the site in late March and will begin work on the central utility plant this summer, with the hospital tower work beginning in early 2026. Construction of the hospital is expected to be completed in four years. The project team includes CannonDesign for architecture and design and IMEG as engineer. Mercy is one of the 15 largest U.S. health systems.
DAYTON, OHIO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6 million loan for the refinancing of Dayton Children’s Behavioral Health Center, a medical office facility located at 5501 Far Hills Ave. in Dayton. Dan Litman of MMCC arranged the financing with a regional bank on behalf of a local, privately held construction and real estate development company. The nonrecourse loan features a nine-year term, 75 percent loan-to-value ratio, 5.73 percent interest rate and 20-year amortization period. Dayton Children’s is a pediatric acute children’s teaching hospital with locations throughout Ohio. The newly completed facility on Far Hills Avenue offers developmental rehab and speech therapy, imaging and lab work, and pediatric primary care services.
COHASSET, MASS. — Cushman & Wakefield has arranged a loan of an undisclosed amount for the refinancing of a 35,000-square-foot outpatient medical office building in Cohasset, a southeastern suburb of Boston. The three-story building is known as Cohasset Family Health Center. Tyler Morss of Cushman & Wakefield arranged the loan through an undisclosed bank on behalf of the owner, regional owner-operator Thomas Park Investments.
WELLESLEY, MASS. — Regional owner-operator Grander Capital Partners has completed the redevelopment of a 26,351-square-foot office building in Wellesley, a western suburb of Boston. Grander repositioned the vacant building at 70 Hastings St. to support healthcare uses, introduced new building systems, renovated the lobby and communal areas and upgraded the property’s landscaping. Grander also tapped regional brokerage firm Hunneman to lease the property, which is now 94 percent occupied.
AUBURN HILLS, MICH. — Lakeshore Ear, Nose & Throat Center has signed an 89-month lease for 6,567 square feet of medical office space at 2251 N. Squirrel Road in Auburn Hills. James Mitchell and David McNabnay of Dominion Real Estate Advisors represented the landlord, Five Points Professional Office Building LLC. Michael Pulcini of M P Real Estate Consulting represented the tenant, which maintains six locations in metro Detroit.
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