Thursday, January 23, 2014

HFF secures $11.3 million refinancing for medical office building complex in Chattanooga, TN


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. 

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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