News release

$35.207M refinancing secured for Western New York healthcare facilities

JLL Capital Markets led financing efforts for the three Class A medical office buildings and one ambulatory surgery center in Amherst and Orchard Park, New York

December 15, 2021

Kristen Murphy

Investor PR, Capital Markets, Hotels, Property Management
+1 617 848 1572

BOSTON, Dec. 15, 2021 – JLL Capital Markets announced today that it has arranged a $35.207 million refinancing for a four-property healthcare portfolio totaling 114,250 square feet in Western New York.

JLL worked on behalf of the borrower, Excelsior Orthopaedics LLP, to secure the seven-year, fixed-rate loan through Northwest Savings Bank.

The portfolio comprises three Class A medical office buildings and the Buffalo Surgery Center located at 3915-3925 Sheridan Dr. in Amherst and 260 Redtail Rd. in Orchard Park. All of the properties are convenient to major thoroughfares, including Interstates 290, 90 and 990 and Route 219 that provide connectivity throughout the region.

Completed between 2008 and 2016, the properties are 100% owner-occupied by Excelsior Orthopaedics, which is one of the largest orthopedic groups in the Buffalo area. The facilities offer a comprehensive suite of services, including MRI, x-ray and musculoskeletal ultrasound, physical and occupational therapy and ASC. The Buffalo Surgery Center is the largest surgery center in Buffalo and features four operating rooms and five procedure rooms staffed by 24 physicians and an 84-person medical staff.

The Greater Buffalo area is home to a thriving healthcare industry and a growing hub for research through the University of Buffalo. With more than 1.1 million residents the Buffalo Niagara MSA is the largest economy outside of NYC in the state. 

“There was strong interest from lenders, both regional and national in scope, to partner with a best-in-class provider like Excelsior Orthopaedics. This was a true testament to the diverse lending market open to owner-occupants of healthcare real estate looking for accretive financing options that strategically leverage today’s historically low interest rates in support of the long-term financial objectives of their practice,” said Anthony Sardo, Director, JLL.  

The JLL Healthcare Capital Markets team representing the borrower was led by Senior Managing Director Daniel Turley and Directors Anthony Sardo and Senior Director Brannan Knott.

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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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 in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Excelsior Orthopaedics

Excelsior Orthopaedics was officially formed in 2002 from the merger of Western New York Orthopaedic Group and Amherst-Tonawanda Orthopaedics, with its roots dating back to the 1960s. Excelsior Orthopaedics has grown to include six locations and 30 physicians throughout Western New York. The company employs over 100 physicians, physician assistants, physical and occupational therapist and athletic trainers. Excelsior provides 13 local districts with expert athletic training services, making it the dominant orthopaedic provider in the region. Excelsior has consolidated three separate practices in the last five to six years which include: three hand surgeons, three podiatrists and 10 orthopedics (merged in 2019). With the tremendous growth, this makes Excelsior one of two supergroups in Buffalo.