Done Deals: Apr 3, 2021

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.

Peter Rotchford

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Contact:

Kimberly Steele

Senior Associate

Public Relations

JLL Capital Markets

9 Greenway Plaza, Suite 700

Houston, TX 77046

T +1 713 852 3420

M +1 832 244 9994

Kimberly.Steele@am.jll.com

us.jll.com/capitalmarkets

norvin.com.

jll.com

New York industrial demand continues to drive new developments

Michael Klein

MORRISTOWN, NJ – JLL Capital Markets announced it has arranged construction financing for the development of a Class A, 76,000-square-foot, state-of-the-art speculative warehouse and distribution facility in Wallkill, New York.

JLL worked on behalf of the borrower, The Frassetto Companies, to place the three-year, fixed-rate loan with Columbia Bank.

Loan proceeds will be used to construct the facility, which is expected to be completed by the end of the year.

The facility will be constructed on 5.1 acres at 103 Tower Dr. in Wallkill, a suburban New York City community positioned in western Orange County less than 1.5 miles from the “Golden Triangle” of interstates, an intersection of Interstates 84 and 18 and Route 6, named for its appeal to distribution and warehousing tenants.

Steven Klein

The facility’s state-of-the-art features will include 36-foot clear heights, 10 overhead tailboard loading doors with dock levelers and mechanical openers, wide column spacing, ample vehicle parking, modern fire safety and lighting systems, steel tilt-up construction and appealing façade with masonry block.

The JLL Capital Markets team representing the sponsor was led by Senior Managing Director Michael Klein and Director Max Custer along with Managing Director Steven Klein.

"JLL is pleased to have arranged another loan on behalf of long-time client, The Frassetto Companies,” Michael Klein said. “This loan demonstrates that the lending market continues to build a comfort level with speculative industrial projects being constructed by experienced developers in strong locations throughout the New York Metropolitan area.”

Max Custer