SPRINGFIELD, GA. — The U.S Department of Housing and Urban Development (HUD) has committed to insure a $31 million mortgage loan to Effingham County Hospital Authority in Springfield. The loan will be used to finance the construction of an addition and renovation to the area's existing hospital. The addition will include a new emergency room, new inpatient and outpatient surgery areas, a new laboratory and new imaging departments. Additionally, the loan will be used to renovate the existing Alzheimer's unit. The loan was financed through FHA's Section 242 Hospital Mortgage Insurance Program.
LAKEWAY — San Diego-based Pacific Medical Buildings (PMB) and Nashville, Tenn.-based RD Development Partners (RD) are partnering with Franklin, Tenn.-based Surgical Development Partners and a group of local Lakeway physicians and investors, for the development of Lakeway Regional Medical Center, scheduled to open in April 2012. Located at RR 620 and Flintrock Trace in Lakeway, Phase I includes an eight-story, 270,000-square-foot hospital, a parking structure and a helipad. The hospital will have 103 inpatient beds and a Level 3 trauma center with 23 emergency room beds. A surgery department with six operating rooms, two endoscopy rooms and two pain management rooms will also be housed at Lakeway Regional Medical Center. Credit Suisse is providing construction and permanent loan financing, backed by the U.S. Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) Section 242 Hospital Mortgage Insurance program, and Hoar Construction is the project's general contractor.
PALOS HEIGHTS, ILL. — Palos Community Hospital is developing an estimated $160 million Surgery and Bed Pavilion on the hospital's campus in Palos Heights. The 427,500-square-foot addition will offer 192 private inpatient rooms, perioperative services, a laboratory, a pharmacy and patient-support functions. Matthei & Colin Associates is providing architectural services for the project.
KINGWOOD — The Kingwood Diagnostic & Rehabilitation Center, a two-story, 40,733-square-foot medical office building located near Kingwood Medical Center has opened. Located at 22751 N. Professional Dr. in Kingwood, the $9 million project was developed through a joint venture between Rowland Cos. and Ensemble Real Estate Services on behalf of the owner, BRB/E Building One LLC. The building is more than 90 percent leased to 11 individual practices, nine of which are part of Diagnostic Affiliates of Northeast Houston.
SYLVA, N.C. — Grubb & Ellis Healthcare REIT II has acquired Sylva Medical Office Building, a three-story property located on the campus of Harris Regional Hospital in Sylva. Located at 98 Doctors Dr., the property offers 45,000 square feet of Class A single-tenant medical office space. Built in 2010, the property is long-term leased until 2025 to Harris Regional Hospital. The property was acquired from CDP-Sylva LLC, which was represented by Doug Connell of Grubb & Ellis' Atlanta office. Grubb & Ellis Healthcare REIT II financed the acquisition using $11.4 million in borrowings under its line of credit with Bank of America N.A. and cash proceedings received from its offering.
WHEATFIELD, N.Y. — Calamar has commenced development of the first building to be constructed as part of a new medical campus within The Woodlands Corporate Center East in Wheatfield. The project consists of an 8,000-square-foot building that will be operated by Apollo Healthcare as a full-service renal center. At full build-out, the medical campus will contain 250,000 to 400,000 square feet of medical space, representing a $50 to $75 million investment. Woodlands Corporate Center East totals 120 acres and will be able to accommodate healthcare, office, flex and residential space.
FLOWER MOUND — River Walk Medical Park I, a three-story, 84,000-square-foot medical office building, will break ground this month in The River Walk at Central Park development in Flower Mound. Expected to open in fall 2011, it will connect to the existing Texas Health Presbyterian Hospital on all three levels. River Walk Medical Park I will include a radiation and medical oncology center as well as the following specialties: urology, cardiology, general surgery, colorectal, orthopedics and OB/GYN.
LOWER PAXTON AND SILVER SPRING, PA. — Campbell Commercial Real Estate has arranged three new medical office leases in Pennsylvania. First, Pinnacle Health Medical Service and Partners in Women's Healthcare have opened offices in a newly constructed medical office building located at 810 Sir Thomas Court in Lower Paxton. The leases, which total approximately 15,000 square feet, bring the building to full occupancy. In addition, Pinnacle has signed a lease or half of the space in a new 23,000-square-foot building under construction at 21 Waterford Drive in Silver Spring Township. The project is scheduled for completion in spring. Art Campbell of Campbell Commercial brokered the leases; his company is also marketing the available space in the Waterford Drive project.
HOUSTON — Reliant Hospital Partners plans to construct a new healthcare facility in Houston. The $25 million project, which is known as Reliant Rehabilitation Hospital-Houston Northwest, will be located at the intersection of State Highway 249 and Chasewood Park Drive within the new Vintage Park development. The building will total approximately 65,000 square feet over three floors. It will contain 60 beds and will open in early 2012. Reliant is partnering with The Cirrus Group to develop the project.
MIDDLETOWN, CONN. — Seavest has acquired two medical office buildings in Connecticut on behalf of one of its private equity investment funds. The two properties are located within Middletown Medical Complex, an outpatient campus owned by nearby Middlesex Hospital. The buildings include a two-story, 33,482-square-foot building located at 520 Saybrook Dr. and a three-story, 30,451-square-foot building located at 940 Saybrook Rd. The buildings are 92 and 96 percent leased, respectively. Middlesex Hospital occupied 26 percent of the space in the two buildings. Concurrent with the sale, Seavest signed a ground lease for the land back with Middlesex Hospital.