Dallas company arranges $20 million construction loan for Orange Park hospital (Courtesy of the Jacksonville Business Journal) — A future inpatient rehabilitation hospital in Orange Park received a $20 million construction loan on Monday, financed by Marcus & Millichap Capital Corporation.
The hospital will have 40 private rooms and be owner-occupied by Exalt Health, an organization with hospitals in Texas, Arizona and Florida, according to the press release.
“Astrea Development and Exalt Health have an impressive reputation as leading health care real estate companies, and we’re pleased to further develop our relationship with them by sourcing financing for this innovative new facility,” said Kevan McCormack, the Dallas-based senior director of the Marcus & Millichap Capital Corporation. “There continues to be considerable interest from regional banks to finance high-quality health care assets with best-in-class sponsorship.”
McCormack worked on behalf of the sponsorship group consisting of Astrea Development and Exalt Health to secure 70% five-year construction financing, according to the release.
The hospital will offer inpatient services such as physical therapy, occupational therapy, speech therapy, respiratory therapy, internal medicine, radiology, hemodialysis, case management and nutritional services.
The project will be managed by Astrea Development and led by Erik de Vries, according to the release, who specializes in the development of health care and mixed-use real estate across the U.S.
Marcus & Millichap Capital Corporation is a subsidiary of Marcus & Millichap (NYSE: MMI), a commercial real estate investment services firm with offices across the U.S. and Canada. In 2023, MMCC closed 1,076 transactions totaling $6.7 billion.
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