$39M financing secured for outpatient healthcare facility in Philadelphia
JLL Capital Markets led financing efforts for 3 Crescent Drive, a Class A property anchored by Thomas Jefferson University Hospital System
PHILADELPHIA – Mar. 30, 2021 – JLL Capital Markets announced today that it has arranged $39 million in financing for 3 Crescent Drive, a 95,261-square-foot, outpatient healthcare facility located within the Navy Yard Campus in Philadelphia, Pennsylvania.
JLL worked on behalf of the borrower, Norvin Healthcare Properties, to secure the loan through CIT Bank.
Completed in 2009, 3 Crescent Drive is a LEED Gold-certified, four-story building that is 100% leased to Thomas Jefferson University Hospital System (TJU) under a long term NNN lease. The state-of-the-art facility offers a broad array of healthcare services, including an ambulatory surgery center and full-service imaging suite and lab along with a range of medical specialists serving a regional patient base. The property also includes a newly built, detached parking garage.
The property is positioned within the Navy Yard Corporate Center, a 1,200-acre, waterfront redevelopment along the Delaware River that is home to more than 150 companies in the fields of research, medicine, life science, technology, retail, and more. This location is just minutes from Central City Philadelphia and is convenient to Interstate 95. Additionally, the Navy Yard is part of the Keystone Opportunity Improvement Zone.
JLL’s Capital Markets team representing the borrower was led by Senior Managing Directors Michael Gigliotti and Ryan Ade and Managing Director Peter Rotchford.
“This was a very competitive process, lenders were attracted to the quality of the asset, the location within the Navy Yard, and the long-term lease backed by one of the most respected hospital systems in the region,” Rotchford said.
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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About JLL
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, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Norvin Healthcare Properties
Norvin is a private real estate investment and operating company with a nationwide focus on core and opportunistic investments in the healthcare sector. Since its founding in 1998, Norvin has worked closely with health systems, operators and other constituents in the healthcare community. Norvin distinguishes itself by providing a deep understanding of and appreciation for the unique capital and real estate issues within the constantly evolving healthcare industry. The Norvin team combines extensive capital markets experience, real estate operating capabilities and financial agility to provide superior risk-adjusted returns on its investments. To learn more, please visit: norvin.com.