Boynton Beach, FL – October 19, 2011 – (RealEstateRama) — CBRE arranged the financing for the acquisition of Bethesda Health City, a medical health care facility, on behalf of Flagler Investment LLC. The terms of the $26.3 million loan include a ten-year term, 30-year amortization, at 70% loan-to-value.
CBRE Vice Chairman, Charles J. Foschini commented on the unique qualities of the asset; “Bethesda was one of the original medical mall concepts, new at the time but now often emulated. A great strength of the asset to both the lender and the buyer are that the surgical care and cancer treatment centers within the medical mall were a great draw for the doctor tenants who use those facilities as part of their practice.”
Key principals for Flagler Investment, LLC are Didier Choukroun and Chris Coots, long time veterans in the real estate industry. Flagler Investment is a real estate investment company with key commercial property holdings throughout the Southeastern United States. Flagler Investment partnered with Investcorp Real Estate in this acquisition.
Foschini added, “The borrower purchased the asset in an off-market transaction and created tremendous value in the process by executing a long-term lease with the seller, Bethesda Hospital. It was an outstanding transaction for them and a very safe loan for the lender. These facts all contributed to an aggressive conduit closing in a highly volatile market for CMBS lenders.”
Bethesda Health City totals 133,473 rentable square feet and was nearly 100% occupied at the time of closing, including Bethesda Healthcare Systems, which accounts for half of the occupancy. Built in 1996, the property is located at 10301 Hagen Ranch Road in Boynton Beach.
Foschini, of CBRE’s Debt & Equity Finance and Institutional Group and team members, Christian R. Lee and Christopher Apone located in CBRE’s Miami office arranged the financing through UBS Investment Bank. Year to date, the team’s production total for sale and financing transactions is over $500 million.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
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