AURORA, ILL. — Michael Sieman of NorthMarq’s Chicago office has arranged $17.1 million in construction-to-permanent-first-mortgage financing for an 81,000-square-foot medical office building located in Aurora. The non-recourse financing was secured at 80 percent loan-to-value, with a 10-year term and 30-year amortization schedule. The 70 percent pre-leased building is situated on an existing medical campus, and Rush-Copley Hospital has signed on to occupy 40 percent of the new facility.
LUBBOCK, TEXAS — MedCapital Group has secured $3.11 million on construction financing for the development of a 10,000-square-foot radiation center located in Lubbock. The loan carries a 6 percent fixed interest rate with interest-only payments for the first 18 months, followed by a 3-year term with a 30 year-amortization schedule thereafter. The financing package also included a $300,000 revolving line of credit with a variable interest rate based off of prime plus 1 percent, and a 6.5 percent floor. The borrower is a partnership between seven urologists and a professional management company. The lender was undisclosed.
ALTON, ILL. — Edwardsville, Ill.-based Contegra Construction has begun construction for the new Community Counseling Center for Madison County. The $4.5 million project will be built at 2615 Edwards St. in Alton. It will consist of a three-story, 37,000-square-foot facility that was designed by Glen Carbon, Ill.-based Hurford Architects. The current Community Counseling Center, which provides behavioral health services to approximately 27,000 Madison County residents annually, is spread out among four different locations. The new facility will consolidate them in a single location. Completion is slated for May 2010.
CHICAGO — Leopardo has started construction for five Illinois healthcare projects. In Naperville, Leopardo is building out a 12,000-square-foot dermatology and plastic surgery suite for DuPage Medical Group. It will feature eight procedure rooms, 12 exam rooms and a photodynamic therapy room. Eckenhoff Saunders is the architect. In Itasca, the company is completing an 80,000-square-foot office headquarters for Gift of Hope that will feature three operating rooms. The architect is Stromsland and DeYoung. In Arlington Heights, the project is a new 12,000-square-foot neonatal intensive care unit for Northwest Community Hospital that will feature 20 new special-care private nursery rooms and is slated for completion in spring 2010. Leopardo will also be building the clinic space of the University of Chicago Comer Children’s Hospital. The $16 million, 24,000-square-foot project will feature 40 new rooms for examinations, procedures, testing and radiology. Leopardo will also replace the north façade of the building and install a new five-story stair tower with a two-car elevator bank. Proteus Group is the architect. Finally, the company is remodeling the first floor of a two-story building on the Swedish Covenant Hospital campus in Chicago. The floor will feature a new physician group’s office with five exam rooms.
GARDNER, MASS. — Construction management firm William A. Berry & Son has broken ground for a 72,000-square-foot addition to Heywood Hospital, located in Gardner. The new building, known as the Watkins Acute Care & Emergency Center, will house a new emergency center and two floors of inpatient care. The hospital’s intensive care unit, as well as its Favor III medical, surgical and telemetry services, will be relocated to the new building’s second floor. The third floor of the building will eventually house the hospital’s Favor II medical surgical unit. The construction timetable was not released.
HOPEWELL TOWNSHIP, N.J. — Construction has topped out for the Capital Health replacement hospital building in Hopewell Township. The $341 million project will feature 237 beds and will span 596,492 square feet. The project will include a facility for a Cyberknife®a non-surgical, robotic radiosurgery system. The project, which is slated for completion in late 2011, will be LEED certified and will incorporate the use of regional building materials, green roof gardens, a water recovery and storage irrigation system, and will regenerate power from the elevators. The hospital is just one component of an 80-acre healthcare development that will also include an attached 350,000-square-foot medical office building. The new flagship facility is conveniently located near the nexus of the tri-state area and is easily accessed from I-95 exit 3B. The project is being developed by Capital Health. Skanska USA Building, HKS Architects, and Array Healthcare Facilities Solutions are also involved in the development of the hospital.
ISSAQUAH, WASH. — Swedish Health Services has acquired 13.38 acres of medical office land for $22 million. The acquisition includes blocks 29-31 and blocks 33-35 in Issaquah. The seller was Grand-Glacier LLC. Stu Ford of GVA Kidder Mathews represented the buyer in the transaction.
PLAINSBORO, N.J. — Sweetwater Construction Corp. has started construction for the New Merwick Care and Rehabilitation Center located in Plainsboro. The 105,000-square-foot project will consist of a cluster of buildings across 6 acres located at the new University Medical Center of Princeton, which is scheduled to open in 2011. The complex will contain 80 beds of sub-acute care and 120 beds of long-term care. The project will be replacing an existing 83-bed facility located at 79 Bayard Lane. Windsor Health Care will be developing the project and RMJM Architects will design it.
WELLINGTON, FLA. — Jupiter, Fla.-based Rendina Cos. has completed work on Wellington Regional Medical Center’s 50,000-square-foot Wellington Medical Arts Pavilion IV in Wellington. Building tenants include OB/GYN Specialists of the Palm Beaches, Palm Beach Brain and Spine, Pediatric Center of Wellington and Advent Family Practice. The four-story property was designed by Nashville, Tenn.-based Davis Stokes Collaborative.
WEST ORANGE, N.J. — The New Jersey office of FirstService Williams has brokered a lease for 13,776 square feet at Mt. Pleasant Medical, a medical office building located in West Orange. The Urology Group of New Jersey will take occupancy of the space in November for a 12-year term. Situated on 11 acres at 375 Mt. Pleasant Ave., Mt. Pleasant Medical contains 106,000 square feet of medical office space. Frank Gunsberg of FirstService Williams represented the landlord, 375 Mt. Pleasant Avenue LLC, a joint venture between Hampshire Real Estate Cos. and Paragon Realty Group. John Feeney of Studley represented the tenant.