Davis Healthcare Real Estate Acquires Hospital Portfolio For $34.1M With Financing From Alerus And American National
2769 Heartland Drive & 1747 Beam Avenue
$34,100,000
$193/SF
Building Size
88,295 SF
Asset Type
Hospital
Closing
Jul 25, 2025
About this deal
AI
The transaction involves the sale of a hospital property located at 2769 Heartland Drive & 1747 Beam Avenue within the Coralville & Maplewood, MN markets. The property was sold for $34,100,000, comprising a total area of 88,295 square feet, equating to a price per square foot of $386.
Summary of transaction details:
- Property Type: Hospital
- Transaction Amount: $34,100,000
- Buyer: Davis Healthcare Real Estate
- Lender: Eric Gunderson - Alerus Financial
- Lender: Scott Sullivan - American National Bank
- Assets primarily leased to: University of Iowa Healthcare
- Assets primarily leased to: MHealth
Davis Healthcare's Davis Medical Investment Fund has acquired CoralBirch, a two-building healthcare real estate portfolio located in Iowa and Minnesota, expanding its holdings to over 750,000 square feet of leased ambulatory care space. Financing for the acquisition was provided by Alerus Financial and American National Bank.
On the Map
$34,100,000
$193/SF
Hospital
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Players
Coralville Hospital Market Snapshot
Boundary boundary · Hospital · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.47%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93