LOUISVILLE, KY. — Louisville-based Kindred Healthcare will purchase six nursing centers it currently leases from the healthcare REIT Ventas for $55.7 million. The properties are all under-performing assets that Kindred will eventually sell, generating an expected $10 million to $15 million. In addition, Kindred will extended its leases for 87 Ventas-owned nursing centers and 22 of the firm’s long-term acute care hospitals by 5 years.
MERRIAM, KAN. — The Kansas City, Mo., office of Kraus-Anderson Construction Co. has completed Santa Fe Medical Office Building, an 84,000-square-foot medical facility located in Merriam. The three-story building is situated at 9301 W. 74th St., on the campus of Shawnee Mission Medical Center. The building will cater to tenants associated with the hospital. Santa Fe Medical Office Building is owned by Minneapolis-based Shawnee Mission Investors LLC and was developed by Minneapolis-based Frauenshuh Healthcare Real Estate Solutions. The project was designed by Overland Park, Kan.-based HMN Architects.
HOFFMAN ESTATES, ILL. — Rosemont, Ill. McShane Construction Co. has completed an office build-out at Prairie Pointe Medical Office Center, a newly constructed medical office building located at 4885 Hoffman Boulevard in Hoffman Estates. The four-story building contains 64,000 square feet of space. The tenant, Suburban Surgical Care Specialist, will be occupying space on the fourth floor. Architectural services for the project were provided by Proteus Group. Prairie Pointe Medical Office Center is being developed by a joint venture between McShane Development Co., The Rego Development & Realty Group and SSCS Properties. McShane Construction recently completed shell construction of the building. KLLM Architects served as the project architect for the building. Currently, tenant spaces are available ranging from 1,500 square feet to a full-floor suites of 15,844 square feet.
CHICAGO — Cambridge Realty Capital Cos. has provided $90.6 million in HUD-insured Section 232 loans to refinance a 10-property portfolio of intermediate and skilled care nursing facilities located in the Chicagoland. The 10 loans were closed and funded simultaneously to accommodate the payoff of a single credit facility. Loans for the individual properties range in size between $3.1 million and $14.8 million; terms for the fully amortizing loans range between 27 and 35 years. The first-mortgage loans were arranged for an Illinois limited liability company, and were underwritten by Cambridge Realty Capital Ltd. of Illinois. The properties include: Southview Manor and Community Care Center in Chicago; the West Chicago Terrace; Frankfort Terrace; Crestwood Terrace; Kankakee Terrace; Bourbonnais Terrace; Joliet Terrace; The Terrace of Waukegan; and Sycamore Terrace of Quincy.
EDINA, MINN. —Twin Cities Orthopedics (TCO) and Hegenes Management have commenced development of Crosstown Medical Center, a four-story, 75,000-square-foot medical office building in Edina. NorthMarq Healthcare Advisory Group provided strategic counsel and transaction services for TCO; Stephen Brown of NorthMarq Healthcare Advisory Group helped TCO identify the 2-acre site, which is adjacent to Highway 62 and Fairview Southdale Hospital. Hegenes was represented by Bill Rothstein of NorthMarq Brokerage. In the process, TCO and property owner Hegenes formed a joint venture and will both retain ownership of the center. RJM Construction is handling the construction of the building and five-story parking structure; completion is expected in 2010.
SYLMAR, CALIF. — McCarthy Building Cos., serving as general contractor, has broken ground at Olive View-UCLA Medical Center for replacement and expansions of the hospital’s emergency services and acute care units in Sylmar. The $32 million project includes construction of a single-story, 41,000-square-foot addition on the north side of the existing facility. The emergency department building will feature 51 exam rooms, a radiology suite with fluoroscopy, general radiology, CT scan rooms, and registration and support areas. The acute-care unit, which will be dedicated to the treatment of tuberculosis, will include 15 negative pressure isolation rooms. Langdon Wilson Architects provided architectural services for the project, which will be delivered under a Guaranteed Maximum Price.
GADSDEN, ALA. — Birmingham, Ala.-based Hoar Construction has finished the 60,000-square-foot Centennial Tower, an addition to the Gadsden Regional Medical Center. More than 24,000 square feet in hospital renovations, which include a new hospital entrance, waiting area and parking lot, were also completed. In addition to the hospital’s critical care units, the tower includes two surgical services procedure rooms, cardiac catheterization suites and expanded recovery and holding areas. The hospital is located at 1007 Goodyear Ave. in Gadsden.
CARSON CITY, NEV. — An affiliate of Bronx, N.Y.-based Laub Realty has acquired Eagle Medical Center in Carson City in a sale-leaseback transaction. The 73,975-square-foot medical office property sold for an undisclosed price. The seller was Eagle Medical Center LLC. Dominic Brunetti, Scott Shanks and Scott Beggs of NAI Alliance brokered the transaction on behalf of the seller.
BYRON CENTER, MICH. — Bruce Gerhart with the Cleveland office of Love Funding has originated a $5.4 million loan for Railside Living Center in Byron Center. The refinance loan was secured through a HUD 232/223(f) loan program for the assisted living and memory care facility, which features 95 units and 121 beds. Loan terms include a 6.05 percent interest rate and 35-year amortization.
BOTHELL, WASH. — Pacific Medical Centers has leased 30,000 square feet of space within Building One of the Woodlands Technology Center (WTC) at Canyon Park Business Center in Bothell. Pacific Medical Centers is a network of outpatient clinics, which provide a broad range of healthcare services to the greater Seattle area. The company plans to open its Bothell branch in January 2010 and will occupy the entire third floor of Building One.