Western PA Hand and Surgery Center receives $12.85M in financing
JLL places the construction/permanent loan with TriState Capital Bank
PITTSBURGH, October 23, 2019 – JLL announced today that it has secured a $12.85 million construction/permanent loan for the development of the Western Pennsylvania Surgery Center, Beaver County Branch LLC, a free-standing Ambulatory Surgical Center, Shoulder-to-Hand Orthopedic Center and medical office building totaling 47,432 square feet in the Pittsburgh-area community of Beaver County, Pennsylvania.
Working on behalf of Dr. Glenn Buterbaugh, David Malone and affiliates, JLL placed the two-year construction loan with TriState Capital Bank. The loan will convert to a 10-year, fixed-rate permanent loan post-construction. Additionally, JLL secured two separate equipment and business loans for the Hand and Surgery Centers through TriState Capital.
Scheduled for completion in late 2020, the Western Pennsylvania Surgery Center will be located at 103 Pleasant Drive just off of Interstate 376 approximately 30 miles northwest of downtown Pittsburgh and 12 miles from the Greater Pittsburgh International Airport. The two-story facility is 86% pre-leased and will offer multi-specialty care for orthopedics, pain management and ophthalmology for patients throughout Beaver County and the surrounding area. Specifically, the Surgery Center will provide an Ambulatory Surgical environment for Surgeons/Practitioners to perform elective same-day surgical procedures for their outpatient population of patients, in accordance with the rules and regulations of the PA Department of Health (DOH) and the Center for Medicare and Medicaid Service (CMS).
“We see the future of surgical and medical care trending towards cost-effective ambulatory outpatient surgery centers such as the Beaver County facility,” Dr. Buterbaugh said. “Our first development in Wexford, Pennsylvania, has served as a national prototype for Shoulder-to-Hand Orthopedic Surgery and multi-specialty surgery centers throughout the country. It is important to note that we could not have moved forward with this current development had it not been for our exceptional partner, TriState Capital Bank.”
The JLL Capital Markets team representing Dr. Buterbaugh, David Malone, et.al. was led by Senior Managing Director Dave Nackoul and Senior Associate Tom Rieck.
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 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.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc. a licensed real estate broker.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com