Marcus & Millichap Arranges $38M Loan For Hospital Development In Bradenton

The transaction involved a development site located at 404 53rd Avenue West in Bradenton. The property is slated for the construction of a 60-bed inpatient rehabilitation hospital, with a total financing amount of $38,000,000. The loan secured for this project is a Construction Loan with specific terms, including an 8.77% fixed rate, a 30-year amortization period, and three years of interest-only payments.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $38,000,000
• Market: Bradenton
• Landlord: CROSS Development; Kennor Holdings
• Broker: Kevan McCormack - Marcus & Millichap
• Loan Type: Construction Loan
• Loan Terms: 8.77% fixed rate with a 30-year amortization and three years of interest only

Marcus & Millichap Capital Corporation (MMCC) facilitated the financing for this project. The hospital will be managed by Nobis Rehabilitation Partners, representing their fourth collaboration in Florida with CROSS Development and Kennor Holdings. This partnership highlights their strong presence and success in the healthcare industry, showcasing a track record of delivering healthcare projects in the state.