DALLAS – January 7, 2024 – Marcus & Millichap Capital Corporation (MMCC), a division of Marcus & Millichap (NYSE: MMI), has arranged $20 million in financing for the construction of a 40-private room, inpatient rehabilitation hospital in Orange Park, Florida (Jacksonville MSA). The MMCC team was led by Dallas-based senior director Kevan McCormack who specializes in financing healthcare and senior living oriented real estate projects. McCormack worked on behalf of the sponsorship group consisting of Astrea Development and Exalt Health to secure 70% five-year construction financing.
The hospital will be owner-occupied by Exalt Health. Exalt will offer inpatient services such as physical therapy, occupational therapy, speech therapy, respiratory therapy, internal medicine, radiology, hemodialysis, case management, and nutritional services. The project will be managed by Astrea Development, led by Erik de Vries, who specializes in the development of healthcare and mixed-use real estate across the United States.
“Astrea Development and Exalt Health have an impressive reputation as leading healthcare real estate companies, and we’re pleased to further develop our relationship with them by sourcing financing for this innovative new facility,” said McCormack. “There continues to be considerable interest from regional banks to finance high-quality healthcare assets with best-in-class sponsorship.”
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About Marcus & Millichap Capital Corporation
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales and consultative and due diligence services. In 2023, MMCC closed 1,076 transactions totaling $6.7 billion. To learn more, please visit:marcusmillichap.com/financing
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