Healthcare: $32.4M in Acquisition Financing Arranged for 260K MOB Campus in Springfield Township
CB Richard Ellis’ Capital Markets Debt & Equity group has arranged a $32.4 million acquisition loan for the Crozer-Keystone Springfield Campus, a 260,000-square-foot, 3-building medical office and healthplex campus at 190 West Sproul Road in Springfield Township, PA.
CB Richard Ellis’ James Gunning and Donna Falzarano secured the loan from a New Jersey bank.
The four-year loan provided acquisition financing for the campus, which is fully leased to Crozer-Keystone Health System on a bondable absolute net basis for a 19-year remaining term. The unnamed sponsor was identified as a real estate investment manager with over $40 billion of private and public property equity investments.
The recently constructed, Class-A medical complex is located on the site of Springfield Hospital, a 365,000-square-foot medical campus that is also operated by Crozer-Keystone Health System, the largest provider of healthcare services in Delaware County, PA. The complex, which consists of two on-campus medical office buildings and a mission-critical fitness/sports medicine health and wellness center, is located adjacent to densely populated suburban neighborhoods and is within close proximity to Philadelphia’s Main Line submarket.