ELKHORN, WIS. — Dougherty Funding LLC has closed an $8.9 million loan for the new construction of Aurora Medical Office Building, a 30,000-square-foot medical center in Elkhorn, a southwest suburb of Milwaukee. Aurora Health Care has signed a 15-year lease, with two five-year extensions, for the property. The financing was arranged for ElkhornMedical Office Building LLC. Dougherty Funding serves as the lead lender in all of its transactions and funds each financing by selling loan participations to an extensive network of banks and institutional lenders throughout the U.S.
WEST ORANGE, N.J. — The Hampshire Cos. and its joint venture partner, Paragon Realty Group, have sold a 13,946-square-foot medical office condominium located within Mount Pleasant Medical in West Orange. The medical office condo is within the recently redeveloped Class-A medical facility at 375 Mount Pleasant Ave. Current tenants include New Jersey Cardiology Associates, Urology Group of New Jersey, Muscio Pain Management, a new surgical center, and a dialysis center. The 113,000-square-foot, three-story facility is situated on 11 acres and offers access to area highways including Route 10 and I-280. Colliers International New Jersey is actively marketing the building with Frank Gunsberg as the exclusive broker.
CLIFTON PARK, N.Y. — Columbia Development Co. (CDC) will develop a 38,000-square-foot urgent care center and medical office building in Clifton Park, located 10 miles east of Schenectady. Ellis Hospital urgent care, imaging and laboratory departments will occupy the first floor, while Ellis-owned and private physician practices will occupy the second floor. The medical building will include a shared waiting room for imaging and laboratory department. The property will also feature amenities such as a vending area, children’s play area and public restrooms. CDC hired BBL Medical Facilities to plan, design and build the facility.
AUSTIN — Construction of the new Forest Park Medical Center, a $90 million, 145,000-square-foot facility, is underway in Austin. Neal Richards Group is the project developer, Adolfson & Peterson Construction is the general contractor and Page Southerland Page is the architect. Some 66 Austin-area physicians will own the facility, which is slated for completion in the fourth quarter of 2014. Similar centers, all known by the same name, are currently operating in Dallas, Frisco and Southlake and under development in San Antonio and Fort Worth.
BOCA RATON, FLA. — CB Richard Ellis (CBRE) has brokered the sale of an 11,000-square-foot, multi-story medical office building located at 1450 S. Dixie Highway in Boca Raton. Dr. Alan Bauman purchased the property for $1.6 million and plans to relocate his practice, Bauman Medical Group, to the building. CBRE’s Dominic Montazemi, Scott O’Donnell and Miguel Alcivar represented the seller, 1450 Dixie LLC.
BELLEVUE, WASH. — Mission Healthcare, a 70-unit skilled nursing and healthcare facility in Bellevue, has received $10.1 million in financing. The facility is located at 2424 156th Ave. NE. It specializes in comprehensive post-operative care, long-term and respite care. It also offers outpatient and home health services. The borrower plans to use the funds to refinance existing debt on the property. The 35-year, fixed-rate financing was secured by Heidi Brunet and Rob Affleck of Berkadia Commercial Mortgage through the U.S. Department of Housing and Urban Development’s (HUD) 232/223(a)(7) program. Berkadia worked with Careage to secure the financing.
JERSEY CITY, N.J. — Rabobank has subleased 36,000 square feet at 10 Exchange Place, located on Jersey City’s Hudson River waterfront, to CarePoint Health. The healthcare provider will occupy the entire 15th floor of the building, which it will use for administrative purposes. Dan Johnsen, Robert Rudin, Michael Burgio, Daniel Organ, Robert Gastel and Franklin Speyer of Cushman & Wakefield represented Rabobank. Jaime Weiss and Matthew Weiss of Moonachie, N.J.-based Weiss Realty represented CarePoint Health in the transaction.
COLLEGE STATION, TEXAS — Scott & White Healthcare has opened the Rock Prairie Clinic, a four-story, 120,000-square-foot facility located at 700 Scott & White Drive in College Station. The clinic is located on the 98-acre Scott & White Hospital – College Station campus. Scott & White Healthcare is leasing 100 percent of the clinic, which will house its physicians and clinical outpatient services. Duke Realty is Rock Prairie's developer and owner. The design team includes architect Jacobs Engineering Group and general contractor Kitchell Contractors Inc.
BELLEVUE, WASH. — Mission Healthcare, a 70-unit skilled nursing and healthcare facility in Bellevue, has received $10.1 million in financing. The facility is located at 2424 156th Ave. NE. It specializes in comprehensive post-operative care, long-term and respite care. It also offers outpatient and home health services. The borrower plans to use the funds to refinance existing debt on the property. The 35-year, fixed-rate financing was secured by Heidi Brunet and Rob Affleck of Berkadia Commercial Mortgage through the U.S. Department of Housing and Urban Development’s (HUD) 232/223(a)(7) program. Berkadia worked with Careage to secure the financing.
PLAINSBORO, N.J.— River Drive Construction has been selected as the general contractor for Forrestal Professional Center, a 40,000-square-foot medical office building development in Plainsboro, about 15 miles north of Trenton. Beacon Princeton Forrestal MAB Associates, Beacon Medical Realty Investments II LP and Summit Associates Inc. is developing the property located at 10 Forrestal Road. The medical office building is 75 percent preleased and is slated for completion in the first quarter of 2014.