Monday, March 29, 2021

$220 million construction loan secured for National Real Estate Advisors to build Jefferson Health’s new ambulatory clinic in Center City, Philadelphia

 

Rendering of planned Jefferson Health,
452,000-square-foot, specialty care pavilion,
 at 1101 Chestnut Streetin Center City, Philadelphia.

PHILADELPHIA, PA – JLL Capital Markets announced t it has arranged $220 million in construction financing for the new Jefferson Health, 452,000-square-foot, specialty care pavilion to be constructed at 1101 Chestnut St. in Center City, Philadelphia.

 Serving as exclusive advisor to the joint venture partnership between National Real Estate Advisors, LLC on behalf of a client (“National”), Joss Realty Partners, SSH and Young Capital, JLL secured the construction financing through a syndicate of banks.

 Located at the corner of 11th and Chestnut Streets, the 19-story, specialty care pavilion will also include a three-story underground garage, access to loading docks and parking for some 320 vehicles.

Chad Orcutt 

The build-to-suit project is being developed by National Real Estate Development, LLC, a subsidiary of National.

 The contemporary design features a curved glass façade set in a podium to reflect both the state-of-the-art nature of the facility and the integration of the building into the East Market development. Occupancy is scheduled for the 1st quarter of 2024.

 The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Chad Orcutt and Jim Galbally. 

 “The project represents a transformative moment for Jefferson’s Health’s future and a significant investment in Center City Philadelphia,” Orcutt said.

 “The new Jefferson medical office building will centralize an array of clinical services into a specialty care pavilion.”

 JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

Jim Galbally


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