$220M Construction Loan Secured for Philadelphia Clinic
A joint-venture partnership secured the financing to develop the 452,000-square-foot, build-to-suit Jefferson Health specialty care pavilion and ambulatory clinic.
PHILADELPHIA, PA – The joint-venture partnership of Joss Realty Partners, SSH, Young Capital and National Real Estate Advisors LLC on behalf of a client, has secured $220 million in construction financing to develop a build-to-suit, specialty care pavilion and ambulatory clinic in Philadelphia, PA.
The 452,000-square-foot, Jefferson Health clinic will comprise 19 stories, a three-story underground garage, access to loading docks and parking for 320 vehicles.
Located at 1101 Chestnut St. in Philadelphia’s Center City neighborhood, the property will feature a contemporary design with a curved glass façade.
Occupancy for Jefferson Health is scheduled for Q1 of 2024.
The project is being developed by the National Real Estate Advisors subsidiary, National Real Estate Development LLC.
As the exclusive advisors to the joint-venture partnership, JLL arranged and secured the construction loan through a syndicate of banks. Representing the borrower was a JLL capital markets team led by senior managing directors, Chad Orcutt and Jim Galbally.
“The project represents a transformative moment for Jefferson’s Health’s future and a significant investment in Center City Philadelphia,” states Orcutt. “The new Jefferson medical office building will centralize an array of clinical services into a specialty care pavilion.”