BOSTON — BioMed Realty Trust has closed on a $350 million loan. The proceeds of the loan were used to repay a portion of an existing $507.1 million loan for the construction of The Center for Life Science | Boston. The newly constructed facility encompasses 700,000 square feet and is located in the city’s Longwood Medical area. The 5-year loan was provided by John Hancock Life Insurance Co., TIAA-CREF and Westdeutsche ImmobilienBank AG. The loan bears a 7.5 percent interest rate.
PALO ALTO, CALIF. — Veterans Affairs Palo Alto Health Care System is breaking ground for the development of an 80-bed Inpatient Mental Health Center in Palo Alto. The 76,000-square-foot facility will include a mental health research and office pavilion; a utility complex; enclosed, landscaped gardens; and natural light sources for all internal patient and staff areas, as well as private and semi-private rooms with private bathrooms. Upon completion, all inpatient beds will operate in the new facility, which will house four units consisting of 20 beds each. McCarthy Building Companies is serving as general contractor for the project, which was designed by Design Partnership. Completion is scheduled for 2011.
RICHMOND, TEXAS — The Healthcare Division of McShane Development Co. is advancing construction for OakBend Doctors Center — Grand Parkway, a medical office building located in Richmond. The project consists of a two-story, 60,000-square-foot building situated on Grand Parkway, between Morton Road and Longmeadow Farms Parkway. The Class A facility will provide office space convenient to both OakBend Medical Center campuses, one of which is currently under construction. McShane has already secured leases for approximately 50 percent of the space. Physician group OakBend Medical Group will occupy 2,500 square feet; PLEX will lease 7,200 square feet for a sports medicine and physical therapy center; Texas Sports Medicine will lease 7,400 square feet for an ambulatory surgery center; OakBend Medical Imaging will lease 3,000 square feet for a radiology center; and the Center for Women’s Health will lease 3,000 square feet that will contain an on-site pharmacy and a 24-hour urgent care clinic. The Houston office of Cadence McShane Construction Co. is providing design-build services for OakBend Doctors Center, with Denver-based Marasco & Associates providing conceptual design and space planning services, and Houston-based Seeberger + Associates serving as architect of record. Completion for the project is slate for late 2009. McShane …
OMAHA, NEB. — Darland Construction Co. has been selected to build a new 13,886-square-foot ambulatory surgery center. Bergan Mercy Surgery Center will be located within the new South Pavilion addition of Bergan Mercy Medical Center, which is located in Omaha. The surgery center will be built out while the building is still under construction. The project is a joint venture between Alegent Health and a physicians group represented by Health Inventures, LLC. The architect for the project is Boulder Associates Architects. The construction timetable was not released.
MILWAUKEE — Lee Realty & Development has purchased a 6,530-square-foot medical office building, located at 7100 West Capitol Dr. in Milwaukee from Marbe LLC. Pete Slezak of Colliers Barry represented the seller and Thai Lee of Moreways Realty represented the buyer in the transaction.
SANTA FE, N.M. — Supportco Properties has purchased Physicians Plaza of Santa Fe, a 50,468-square-foot medical office building located at 1631 Hospital Dr. in Santa Fe. The two-story multi-tenant property sold for $13.8 million or $273 per square foot. John Smelter of Marcus & Millichap represented the buyer. Smelter and Sam Medford, also of Marcus & Millichap, represented the seller, Santa Fe MOB, in the transaction.
WEST ORANGE, N.J. — The New Jersey office of FirstService Williams has completed the sale of a 22,524-square-foot medical office condominium, located at 375 Mt. Pleasant Ave. in West Orange. The condo is situated within the 11-acre former headquarters of Organon, which is in the process of being redeveloped into a 106,000-square-foot medical office project. It was purchased by New Jersey Cardiology Associates (NJCA), which will use the space for its cardiology practice. NJCA is the project’s first tenant. The seller was 375 Mt. Pleasant Avenue LLC, a joint venture between Paragon Realty Group and Hampshire Cos. FirstService Williams represented both parties in the transaction.
SAN ANTONIO — CHRISTUS Santa Rosa Health Care and the University of Texas Health Science Center at San Antonio have announced plans to develop a freestanding, non-profit academic children’s hospital in San Antonio. Both parties have appointed representatives to a planning team, which has already commissioned a feasibility study to be completed by January 1, 2010. The results of the study will determine how the partners move forward, including the hospital’s location. Founded in 1869, CHRISTUS Santa Rosa Hospital is a Catholic faith-based, non-profit health and wellness ministry. The organization currently has four hospital campuses in South Texas.
SUGAR LAND, TEXAS — Eco-Dental, an environmentally friendly dental practice, has joined the tenant roster at Lake Pointe Village, a 170,000-square-foot retail center in Sugar Land. The retail center is located within the 190-acre, mixed-use suburban village Lake Pointe Town Center, a Planned Community Developers’ (PCD) project. The dentistry practice will occupy 2,000 square feet of retail space at 1570 Southwest Freeway, Suite 500. Eco-Dental owner Dr. Danny Nguyen represented himself, and Charlie Adams of PCD represented the firm in lease negotiations.
GLENVIEW, ILL. — Cambridge Realty Capital Cos. has arranged a $15.9 million first-mortgage loan for the refinancing of Glenview Terrace Nursing Center, a 314-bed skilled nursing facility located in Glenview. The loan is filly amortized and carries a 40-year term. It was arranged for the borrower, an Illinois-based limited liability company, by Cambridge Realty Capital Ltd. of Illinois, a Cambridge subsidiary that underwrites senior housing and healthcare loans using HUD programs. Glenview Terrace was refinanced through HUD’s Section 223(a)(7) program.