BLOOMINGTON, IND. — The Indianapolis office of Holliday Fenoglio Fowler (HFF) has secured $2.5 million in construction and mini-permanent financing for a 50-bed student housing project currently under construction near the campus of Indiana University in Bloomington. The loan consists of a construction loan and a 20-year loan with rate resets every 5 years. The proceeds will be used by the borrower, 16th & Dunn LLC, to finish construction of the project. Known as Cherry Hill Manors, the community is located at 1309 N. Dunn St. It consists of five duplex buildings with five beds per unit. The property is fully pre-leased and scheduled for delivery prior to the start of the fall semester. Jon Everson of HFF arranged the loan on behalf of the borrower through a bank.
SAN ANTONIO — Trammell Crow Co. has broken ground on the 72,000-square-foot Westover Hills Medical Plaza II on the CHRISTUS Santa Rosa Hospital-Westover Hills campus in San Antonio. The building, owned by Partners Health Trust, will join a 60,465-square-foot medical office property, which was built in 2007 and is fully leased. Delivery of the new building is slated for December.
HEATH, TEXAS — David Mott of NorthMarq Capital's Dallas office has secured a $4 million loan for Baylor Medical Plaza. The 35,485-square-foot medical office building is located in Heath. A community bank financed the 5-year loan, which carries a 25-year amortization schedule.
FORT WORTH, TEXAS — Robinson Family Trust has sold a 14,886-square-foot medical office building to Alberto Flores MD for an undisclosed amount. Flores will move his practice into the first floor of the three-story property, which is located at 1220 N. Main St. in Fort Worth. Theron Bryant of SCM Real Estate Services represented the seller. KW Commercial Real Estate's Tim Clark represented the buyer.
FORT LAUDERDALE, FLA. — Stiles Construction has begun work on a $15 million renovation of 55,000 square feet of Holy Cross Hospital space, which will be repurposed as the Dorothy Mangurian Comprehensive Women's Center. The property is located in the Holy Cross Healthplex at 1000 NE 56th St. in Fort Lauderdale. The center will encompass education and community rooms, a cuisine center, a chapel, doctor's offices and a library. Philanthropic donations funded the project, which was designed by Gresham Smith.
EAST POINT, GA. — Healthcare Trust of America has purchased an 80,562-square-foot medical office portfolio from Tenent Healthcare Corp. for $19.55 million. The properties, located on the Camp Creek Medical Center campus in East Point, were developed by Ackerman & Co. The portfolio is currently 94 percent leased. Healthcare Trust of America now owns more than 500,000 square feet of medical space in Georgia.
ENGLEWOOD, COLO. — Marcus & Millichap has brokered the $18.6 million sale of Hampden Place Medical Center, located at 401 W. Hampden Place in Englewood, just south of central Denver. Built in 2004, the three-story, 66,339-square-foot Class A medical office building houses an ambulatory surgery center, medical imaging, physiotherapy and medical offices for orthopedic, hematology-oncology and other physicians. Marcus & Millichap’s John Smelter represented both the seller and the buyer, Health Care Trust of America, with assistance from Adam Christofferson.
RUTHERFORD, N.J. — Construction is complete for the first MALO CLINIC facility in North America. The 50,000-square-foot facility is located at 201 Route 17 North in Rutherford. It houses an ambulatory surgery center, a dental implant center and medical offices. The facility also has the capacity for future expansion. The general contractor was Cranbury, N.J.-based Sweetwater Construction Corp., and the project architect was West Orange, N.J.-based Posen Architects. The project was completed on behalf of MALO Consulting NJ, the North American affiliate of the Lisbon, Portugal-based oral rehabilitation services provider.
MOUNT PLEASANT, S.C. — Healthcare Trust of America has executed an agreement to purchase the 60,800-square-foot Medical Center at East Cooper from a subsidiary of Tenet Healthcare for $10 million. The property is located on the campus of Mount Pleasant's East Cooper Regional Medical Center and is 90 percent leased to 16 tenants.
UNION, N.J. — A group led by principals of The Mainardi Management Company has acquired the former Union Hospital building located in Union. The approximately 200,000-square-foot building is situated at 1000 Galloping Hill Ave. It was operated as Union Hospital from 1962 to 2007 but has been closed since then. The buyer is a joint venture between members of the Mainardi family, some of their business associates and a company controlled by Andrew Piscatelli III. The group is repositioning the property as Union Medical Park and already has leased some of the space to medical tenants. Overlook Hospital, a division of Atlantic Health Services, will operate an emergency room at the facility and is leasing additional space for outpatient programs. A 20,000-square-foot space within the facility will be leased as a surgery center, and several local physicians have leased office space for their practices. Finally, the local YMCA is leasing 19,000 square feet for an adult activities center. The acquisition price was not disclosed.