Done Deals: $39 million financing secured for outpatient healthcare facility in Philadelphia

Saturday, April 3, 2021

$39 million financing secured for outpatient healthcare facility in Philadelphia

3 Crescent Drive, a 95,261-SF,outpatient
healthcare facility located within
the Navy Yard Campus
in Philadelphia, PA

Michael Gigliotti

PHILADELPHIA, PA – JLL Capital Markets announced has arranged $39 million in financing for 3 Crescent Drive, a 95,261-square-foot, outpatient healthcare facility located within the Navy Yard Campus in Philadelphia, Pennsylvania.

JLL worked on behalf of the borrower, Norvin Healthcare Properties, to secure the loan through CIT Bank.

Completed in 2009, 3 Crescent Drive is a LEED Gold-certified, four-story building that is 100% leased to Thomas Jefferson University Hospital System (TJU) under a long-term NNN lease.

The state-of-the-art facility offers a broad array of healthcare services, including an ambulatory surgery center and full-service imaging suite and lab along with a range of medical specialists serving a regional patient base. The property also includes a newly built, detached parking garage.

Ryan Ade

The property is positioned within the Navy Yard Corporate Center, a 1,200-acre, waterfront redevelopment along the Delaware River that is home to more than 150 companies in the fields of research, medicine, life science, technology, retail, and more.

This location is just minutes from Central City Philadelphia and is convenient to Interstate 95. Additionally, the Navy Yard is part of the Keystone Opportunity Improvement Zone.

JLL’s Capital Markets team representing the borrower was led by Senior Managing Directors Michael Gigliotti and Ryan Ade and Managing Director Peter Rotchford.

“This was a very competitive process, lenders were attracted to the quality of the asset, the location within the Navy Yard, and the long-term lease backed by one of the most respected hospital systems in the region,” Rotchford said.