Medical Office and Hospital Financing for $12.4MM
Tampa, FL (June 16, 2020) – Franklin Street has brokered the acquisition and renovation financing of Physicians Medical Center, a hospital and medical office building located in Baton Rouge, LA.
Franklin Street’s Capital Advisory team Ben Miller and Casey Siggins represented the buyer New Era Companies, in the $12.4MM transaction.
“With a short purchase and sales agreement window, we were able to structure this loan in phases allowing for the purchase of the property and then additional funding for tenant improvements and the build out. This was an ideal structure for the sponsors business plan.” said Ben Miller, Director, Debt and Equity Origination.
The Physicians Medical Center is a 76,370 square foot facility located at 7855 Howell Blvd, in Baton Rouge, LA. Comprised of a single-story hospital and three-story medical office building, the property features 44,984 rentable square feet. Once renovations are complete, the medical center will be anchored by Oceans Healthcare Outpatient Services and home to a local ophthalmology office, a division of the Louisiana Departments of Health and Capital Area Human Services. Several other medical practices are being recruited including primary care and other specialists to serve the local community.
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