Integrated Health Campus Lands $53M Mortgage Financing
- Sep 29, 2017
The owners of a 301,000-square-foot Allentown, Penn., medical office property have received a $53 million first mortgage with the help of HFF’s debt placement team.
The HFF team led by Managing Director Ryan Ade and Director Neil Campbell secured the 10-year, fixed-rate mortgage with a 4.34 percent rate on behalf of the borrower, Integrated Health Campus LP. The loan is for the Integrated Health Campus, a two-building medical office complex located on more than 21 acres at 240-250 Cetronia Drive in the West End submarket of Allentown.
Completed in 2007, the property is about 84 percent leased to tenants including Orthopaedic Associates of Allentown, St. Luke’s Hospital of Bethlehem, Lehigh Valley Health Network and Surgery Center of Allentown.
The property is adjacent to I-476 and is also within minutes of I-78, U.S. Route 22 and PA Route 309, and serves the Leigh Valley and greater Philadelphia area. Integrated Health Campus is also next to Tilghman Square, a neighborhood power retail center.
More HFF deals
The HFF debt placement team has been busy in recent days. This week alone, the team announced two retail financing deals, including arranging a $42.6 million 10-year, fixed-rate loan through Principal Commercial Capital for Federal Realty Investment Trust to refinance The Grove at Shrewsbury, a fully leased lifestyle center in Shrewsbury, N.J.
Also this week, the debt placement team secured a three-year, floating-rate loan with Värde Partners for GBT Realty Corp., the new owners of McFarland Plaza Shopping Center in Tuscaloosa, Ala. The loan proceeds will be used for acquisition and a capital and leasing plan.
Earlier this year, HFF closed on financing for another Northeast medical office building complex. In April, the firm secured $81.5 million in financing to recapitalize Stony Brook Technology Center, an eight-building medical office portfolio totaling 261,824 square feet in East Setauket, N.Y.
Image courtesy of HFF