Kennedy Funding Provides $1.5M Refinancing for Detroit Healthcare Facility

DETROIT — Kennedy Funding has provided a $1.5 million loan for the refinancing of Conner Creek Medical Center in Detroit. Funds will be used to pay off existing debt and for working capital. The facility was recently selected by the state of Michigan as a site for testing and treating COVID-19 patients. The property originally served as Holy Cross Hospital and later became St. John Hospital, which ceased operations in 2004. Since then, St. John leased the facility to varying medical practices until the building was acquired by new owners in 2015. Approximately 131,331 square feet of the five-story, 225,000-square-foot property is occupied by 11 tenants. The Department of Veterans Affairs occupies 29,012 square feet and Conner Creek Life Solutions occupies 32,500 square feet. Working capital from the loan will, in part, fund the conversion of the remaining square feet into additional medical office space. Conner Creek Center LLC was the borrower.