Bon Secours Mercy Health Headquarters in Cincinnati acquired with $65.5M loan
JLL Capital Markets led financing efforts for office building housing Ohio’s fourth largest employer
CHICAGO, June 17, 2021 – JLL Capital Markets announced today that it has arranged $65.5 million in financing for the Bon Secours Mercy Health Headquarters, a 368,500-square-foot, Class A office building in Cincinnati, Ohio.
JLL worked on behalf of the borrower, 90 North Real Estate Partners and Rasameel Investment Company out of Kuwait, to secure the five-year, sub-2.50% fixed-rate acquisition loan through PNC Bank.
Recently completed in 2016, the property is 100% leased to Mercy Health with 14 years of remaining lease term. The facility serves as the administrative and executive headquarters for Mercy Health, which is the State of Ohio’s largest healthcare delivery system and fourth largest employer. Employees have access to a variety of on-site amenities, including a state-of-the-art fitness center, large outdoor dining and activity area, food market, a walking/running trail encircling the campus, ergonomic workstations and treadmill desks to promote a healthy environment. The five-story building also offers parking for more than 1,400 vehicles.
The Mercy Health Headquarters is located at 1701 Mercy Place in Cincinnati’s Bond Hill neighborhood, which is approximately 10 miles north of the central business district. The property is adjacent to Ohio State Route 52, which provides connectivity to Interstates 75 and 71, and is surrounded by a variety of amenities, including retail centers, dining, golf courses, country clubs and Xavier University, just two miles south.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Keith Largay and Director Lucas Borges.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Rasameel Investment Company
Rasameel Investment Company is a leading Shariah-Compliant investment company in Kuwait, offering clients a host of investment solutions. It is regulated by the Capital Markets Authority of Kuwait. The main business pillars consist of Wealth Management, Asset Management and Alternative Investments. Rasameel was established in 2006 as a Kuwaiti Shareholding Company K.S.C. (closed) with an authorized and paid-up capital of KD 18 Million. Proud of its professional investment team, technological infrastructure and strong track record, Rasameel is well positioned within the ever-growing regional Sharia-compliant investment management field. For more information, please visit rasameel.com.
About 90 North Real Estate Partners
90 North Real Estate Partners is an independent investment advisory firm headquartered in London, UK, that specializes in responsible real estate investment, and with considerable experience working with Sharia’h compliant equity partners. 90 North identifies and executes real estate investment and development transactions and co-invests alongside its investors. The U.S. headquarters is located in Chicago and focuses primarily in the acquisition, asset management and business development in North America.