$220M construction loan secured to build new Jefferson Health ambulatory clinic
JLL Capital Markets secured construction financing for the build-to-suit in Center City, Philadelphia
PHILADELPHIA – Mar. 29, 2021 – JLL Capital Markets announced today that it has arranged $220 million in construction financing for the new Jefferson Health 452,000-square-foot, specialty care pavilion to be constructed at 1101 Chestnut St. in Center City, Philadelphia.
Serving as exclusive advisor to the joint venture partnership between National Real Estate Advisors, LLC on behalf of a client (“National”), Joss Realty Partners, SSH and Young Capital, JLL secured the construction financing through a syndicate of banks.
Located at the corner of 11th and Chestnut Streets, the 19-story, specialty care pavilion will also include a three-story underground garage, access to loading docks and parking for some 320 vehicles. The build-to-suit project is being developed by National Real Estate Development, LLC, a subsidiary of National.
The contemporary design features a curved glass façade set in a podium to reflect both the state-of-the-art nature of the facility and the integration of the building into the East Market development. Occupancy is scheduled for the 1st quarter of 2024.
The JLL Capital Markets team representing the borrower was 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,” Orcutt said. “The new Jefferson medical office building will centralize an array of clinical services into a specialty care pavilion.”
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 National Real Estate Advisors, LLC
National Real Estate Advisors, LLC is an investment manager specializing in build-to-core, developing and managing large-scale, urban commercial and multifamily projects for its institutional client accounts. National constructs investment portfolios of modern property assets—apartment, office, mixed-use, industrial, data center and hotel—with design features, technological enhancements, and amenities that drive high tenant demand and can create value for investors. National is an independently operated subsidiary of the National Electrical Benefit Fund, a substantial pension trust with a significant amount of assets that are managed by National on a discretionary basis. For more information, please visit natadvisors.com.