GlobeSt.com - November 24, 2009
Clarian Health Partners Inc. has secured $190 million in financing for the proposed Clarian Saxony Medical Center Campus here. Cain Brothers’ Real Estate acted as Clarian’s financial advisor in the deal and also managed to secure a build-to-suit construction leaseback, long-term ownership deal for Clarian.
The Herrick Co. Inc. provided the financing. The real estate investment firm, which has been in operation since 1960, has been involved in more that $3 billion worth of transactions.
Plans for the medical center campus have been in the works for years, with the first sketch of the project going before the public in November of 2007. Without financing the first phase, estimated to cost $180 million, has been stalled. But with the construction and ownership capital in place, Clarian was able to move from the planning phase to actual construction.
This first stage provides for the construction of a 200,000-square-foot forty-bed hospital and urgent care center, and a 100,000-square-foot medical office building. HKS was the architect on the project. Turner Construction and Harmon Construction are join venturing on the construction.
The campus will be built within the 725-acre Saxony mixed-use development in Hamilton County. In 2007, the project was estimated to be worth $750 million and would add one million square feet of retail, 3.5 million square feet of office/industrial and 1,300 residential units.
Sphere: Related Content