Updated Jan 19, 2026
Centurion Foundation Secures $130.8 Million Construction Loan From UMB Bank For Medical Office Development
1611 South Andrews Avenue
$130,800,000
Building Size
—
Asset Type
Development Site
Closing
Jan 15, 2026
About this deal
AI
A tax-exempt bond construction loan of $130.8 million has been secured to develop a 188,000-square-foot medical office building located at 1611 South Andrews Avenue in Fort Lauderdale. The site spans 1.8 acres and is located adjacent to Broward Health Medical Center.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $130,800,000
- Asset Size: 188,000 BSF
- Acres: 1.8
- Lender: UMB Bank
- Landlord: Ben Mingle - Centurion Foundation
- Planned Completion: 2027
- Facility Features: 129 exam rooms, expandable capacity, 700-space garage
The construction will be operated by Broward Health, which will lease back the facility, set to serve as an eight-story medical office building with ample amenities. The involvement of UMB Bank as the lender highlights a significant financial commitment towards this project aimed at enhancing healthcare infrastructure in the region.
On the Map
$130,800,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93