Astrea Development & Exalt Health Secures $20.8 Million Construction Loan For Venice Development Site

The asset involved in this transaction is a development site for a 40-private room inpatient rehabilitation hospital located in Venice, Florida. The project is notable for being fully pre-leased to Exalt Health for a duration of 20 years. The financing secured for the project amounts to $20,800,000, which encompasses a combination of a bank loan and PACE financing specifically arranged for construction.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $20,800,000
• Landlord: Astrea Development & Exalt Health
• Broker: Kevan McCormack - Marcus & Millichap
• Loan Type: Construction

This transaction was facilitated by Kevan McCormack of Marcus & Millichap, who represented the interests of Astrea Development and Exalt Health in securing the necessary financing for the project. The arrangement showcases a strategic collaboration aimed at optimizing the capital structure to support the construction of the rehabilitation hospital.