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The company states the sale resulted in a total return to the investors of 142.10% (calculated based on the aggregate amount of original capital invested in the property).
The bonds will be used to refinance certain existing debt and to provide reimbursement for certain strategic investments, enabling Montefiore to exit the Federal Housing Administration's mortgage insurance program, according to DASNY.
"We love the characteristics of Boston Children's hub-and-spoke model, where the satellite offices are leased on a long-term basis to an investment-grade system.”
The 57,815-square-foot facility on the campus of Memorial Regional Hospital was purchased for $11.5 million by an unnamed private real estate investment firm.
The good news is that the markets with the most new construction will be able to handle the resultant vacancy challenge. The bad news…well, according to Marcus & Millichap's Adam Lewis, there isn't any.
In this <b>EXCLUSIVE</b>, GlobeSt.com learns that tracking systems allow building owners to record the type, age and condition of building equipment and the best remediation course of action.