New York, NY (January 10, 2023) — Newmark announces a construction loan for a new four-story, approximately 99,000-square-foot medical office building development in Madison, Mississippi. The construction loan totaled approximately $30 million in loan proceeds and was provided by a regional bank. Newmark represented and placed the debt on behalf of developer Boldt Healthcare Real Estate Development.
The state-of-the-art healthcare facility will be located on Baptist Memorial Health Care Corporation’s medical campus and is anticipated to be completed in the first quarter of 2024. The project will help expand medical services in the growing community of Madison and continue to create a comprehensive medical destination at the site.
Senior Managing Directors Jay Miele and John Nero, Executive Managing Director Ben Appel, and Senior Managing Director Michael Greeley of Newmark’s Healthcare Capital Markets group led the transaction. Associates Adam Goss and Ron Ott provided transactional support.
“Congratulations to Boldt on closing this financing transaction and important project milestone. We are confident that this project is a major success given its strategic location and alignment with the leading provider in the region, Baptist Memorial Health Care Corporation,” said Miele. “Our healthcare debt advisory business continues to grow as we serve clients who value advice in today’s dynamic financing market environment. We greatly appreciate the relationship with Boldt and the opportunity to assist in this financing, which will help fund a major project for the Madison community and beyond.”
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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