BUZZARDS BAY, FALMOUTH AND NEW BEDFORD, MASS. — Love Funding has closed three loans totaling $22.7 million for a skilled-nursing portfolio throughout Massachusetts. The facilities include Royal Cape Cod Nursing and Rehabilitation Center in Buzzards Bay, Royal Falmouth Nursing and Rehabilitation Center in Falmouth, and Royal Taber Street Nursing and Rehabilitation Center in New Bedford. The centers offer a combined total of 270 beds and are operated by Royal Health Group. Leonard Lucas of Love Funding has secured the loans through the U.S. Department of Housing and Urban Development’s Section 232/223(f) LEAN loan program for long-term care facilities.
BARABOO, WIS. — Irgens will develop a $6.5 million, 30,000-square-foot medical office building on the St. Clare’s Hospital campus in Baraboo, about 40 miles north of Madison. SSM Healthcare, owner and operator of St. Clare Hospital and Dean Health System, will provide a variety of primary and specialty care services at the new building. The project, which will be located adjacent to the existing St. Clare Hospital, is scheduled for completion in December. As the developer and owner of the building, Irgens has overseen all facets of the project, including financing procurement, site due diligence, entitlements and design/construction administration. The facility is 100 percent pre-leased, with Dean taking 50 percent of the space and St. Mary’s Dean Ventures leasing the remaining portion. The new facility will enable the hospital to continue to expand its service lines in conjunction with its physician and health system partners. Other project team members include Eppstein Uhen Architects and J.H. Findorff & Son Inc. as the general contractor.
HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged a $16.4 million refinance for a 125,000-square-foot medical office building located in Houston. Peter Dunn of MMCC's Houston office arranged the 10-year, non-recourse bridge loan through a CMBS lender on behalf of the borrower, a general contractor.
NORWALK, CONN. — Washington Trust’s Commercial Real Estate Group has provided $9.2 million in financing to MCP Medical LLC, an affiliate of Boston-based Marcus Partners, for the acquisition of a 70,000-square-foot medical office in Norwalk. “This is an attractive property as it is located less than a mile from the Norwalk Hospital and its tenants offer a full range of medical services to area patients,” says Joseph MarcAurele, Washington Trust chairman, president and CEO.
PALESTINE, TEXAS — CBRE has arranged the sale of Willow Creek Medical Center, a 27,993-square-foot medical office building in Palestine. The healthcare property is located in the Willow Creek Business Park on Loop 256 and is anchored by an ambulatory surgery center. Scott Herbold, Chris Bodnar and Lee Asher of CBRE's U.S. Healthcare Capital Markets Group represented the seller in the transaction. The Cirrus Group built the medical center in 2010.
NEW ORLEANS — Gulf State Real Estate Services LLC has been selected to oversee the leasing and management of a new $8 million medical office complex near East Jefferson Hospital in the Metairie suburb of New Orleans. Innovative Construction Services is constructing the 35,000-square-foot property, which is slated for occupancy in fall 2013. Approximately 50 percent of the building will be owner-occupied and the remaining 17,500 square feet will be leased to other medical-related practices.
AUSTIN, TEXAS — The Beck Group has completed construction of the W.H. and Elaine McCarty South Tower at Dell Children's Medical Center of Central Texas in Austin. The Beck Group, community leaders and executives from Dell Children's Medical Center and Seton Healthcare celebrated the $48 million tower's opening at a ribbon cutting ceremony. The three-story, 75,000-square-foot tower features 72 beds, the center's first inpatient rehabilitation unit and expanded services for children with epilepsy. The six-bed rehabilitation unit is the first of its kind in the Austin area for hospitalized children. The facility is projected to receive the nation's first LEED Platinum certification under the new LEED for Healthcare rating system. The Beck Group finished construction of the tower in 15 months, which was two months ahead of schedule.
HILLSBOROUGH, N.C. — Skanska and University of North Carolina Hospitals recently topped out the new 256,000-square-foot UNC Hillsborough. Including land acquisition costs, the total project cost is $180 million for the hospital. The LEED-designated UNC Hillsborough will include 50 acute care beds, a 15-bed intensive care unit, six operating rooms and two procedure rooms. The project will also feature an emergency department, as well as outpatient medical and surgical services. The healthcare facility is slated for a September 2014 completion, while the 60,000-square-foot medical office building adjacent to the property will open in July 2013. Portland, Ore.-based Zimmers Gunsul Frasca Architects LLP and Raleigh-based BJAC formed an architectural joint venture that worked with Skanska on the development.
BINGHAMTON, N.Y. — Marcus & Millichap has arranged the sale of Greater Binghamton Health Center Community, a 22,985-square-foot, net-leased property in Binghamton, for $3.7 million. Preet Sabharwal and Steven Stoehrer of Marcus & Millichap’s Manhattan office represented the seller, a developer, and the buyer, a private investor, in the transaction.
PLYMOUTH, MINN. — Harrison Street Real Estate Capital has acquired the leasehold interest in the Abbott Northwestern – WestHealth medical campus through the Harrison Street Core Property Fund, the firm’s core open-ended vehicle. The three-building, 200,000-square-foot, Class A medical campus is located in Plymouth, a western suburb of Minneapolis. Allina Health, the largest healthcare provider in the Twin Cities, leases a majority of the building. The campus is located at 2855 Campus Drive. Cushman & Wakefield/NorthMarq marketed the campus for sale.