Chicago, Ill. (July 19, 2013) – Magna Health Systems has secured permanent financing for its newly developed surgical center at 7456 S. State Road in Bedford Park, Ill. Gabe Beukinga, Senior Vice President, SomerCor 504 worked with Magna Health Systems to secure a significant portion of the loan through the SBA 504 loan program.
The new building developed by Magna Health Systems is an approximately $20 million, three-story, 58,000-square-foot building. Following the build out of tenant spaces, the building was completed in early Spring. Magna Medical, which owns and operates three surgical centers in the Chicago metropolitan area, is the primary tenant of the building, occupying two floors.
The remainder of the space in the building is leased by top local healthcare providers including SKAN Radiology, Workcare Center and CPC Pathology. The combination of Magna Surgical Center and these tenants creates a comprehensive medical campus within the building.
“We couldn’t be happier with the final results of this state-of-the-art new facility,” Guita Griffiths, president of Magna Health System, said. “With this building serving as a platform, we have been able to bring a comprehensive healthcare solution to Bedford Park and the surrounding communities.”
Magna Surgical Center, was founded in 1987 and has become a leader in outpatient surgical care. The Joint Commission-accredited ambulatory surgery center manages multiple operating suites, and performs thousands of surgical procedures each year. The case mix includes ophthalmology, orthopedics, gynecology, urology, GI/gastroenterology, pain management, podiatry and general surgery. Magna maintains a professional staff of approximately 60 surgeons.
“Magna Medical had construction financing in place, but needed to secure permanent financing,” said Beukinga. “While they looked at various alternatives, they were most attracted to the option that provided them with a 20-year fixed rate which allowed them to stabilize debt and retire their construction loan.”
Griffiths acknowledged the opportunity to establish this new facility was certainly made easier because of the SBA 504 lending program and the representatives from SomerCor 504.
“As beneficial as the SBA loans are, the process can be somewhat arduous,” Griffiths said. “Gabe Beukinga and the staff at SomerCor made the process go swiftly and easily.”
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