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| 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.
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| 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.
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| Jim Galbally |
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization.
The
firm has more than 3,700 Capital Markets specialists worldwide with offices in
nearly 50 countries.
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resources on JLL, please visit our newsroom.
CONTACT:
Kristen
Murphy
Senior Manager
Public Relations
Investor Services
JLL
One Post Office Square, Suite 3500
Boston, MA 02109
T +1 617 848 1572
M +1 617 543 4873
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