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| Atrium Memorial Medical Office Buildings, 1949 Gunbarrel Road, Chattanooga, TN |
FLORHAM PARK, NJ – HFF announced today that it has secured
an $11.3 million refinancing for Atrium Memorial Medical Office Buildings,
a two-building, 102,705-square-foot medical office complex in Chattanooga,
Tennessee.
Working on behalf of Diversified Realty Ventures (DRV), HFF placed the
three-year, floating-rate, non-recourse bridge loan with Colony Capital.
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| Michael Klein |
The
property is comprised of The Atrium Professional Building, a
57,855-square-foot, two-story building and the Atrium – Surgery Center, a
44,850-square-foot surgery center building.
The buildings are connected via an air-conditioned skywalk
and share parking at the 6.83-acre site.
Atrium is located at 1949 Gunbarrel Road, one-half mile from
Erlanger Hospital East Campus and adjacent to the Hamilton Place Mall
approximately 20 minutes from downtown Chattanooga.
The
HFF team representing the borrower was led by director Michael Klein.
“The
borrower was seeking a short term solution that would enable them to take out
their existing debt on a non-recourse basis and have the ability to earn-out
additional proceeds for tenant improvements, leasing commissions and capital
improvements as they executed their business plan,” said Klein.
“Colony Capital provided the borrower with an aggressive
floating rate, a structure that catered to the borrower’s needs, and closed
within a tight time frame.”
Diversified Realty Ventures (DRV) is a privately-held real estate
investment firm with offices in Bethesda, Maryland and Richmond, Virginia.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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