PHILADELPHIA--(BUSINESS WIRE)-- NAI Bluestone Real Estate Capital, a Philadelphia-based real estate investment banking and advisory firm, has successfully raised $9.5M in debt and equity financing for the acquisition and redevelopment of the Temple Northeastern Hospital, a 280,000 square foot health care facility located in the Port Richmond section of Philadelphia, PA. NAI Bluestone acted as both advisor and principal on behalf of a Philadelphia based partnership. The partnership recently closed on the acquisition and will convert the property into a Class A hospital and multi-tenant medical office facility anchored by Temple University Health Systems. Bluestone secured the financing from a private New York City based investor and through its subsidiary, Bluestone Healthcare Capital, provided credit enhancement for the partnership’s lender.
Located at 2301 East Allegheny Avenue in the Northeast section of Philadelphia, Northeastern Hospital spans one full city block comprised of several buildings and 14 acres of surface parking. Northeastern Hospital, in operation for over 100 years, has been owned, operated and fully occupied by Temple University Hospital Systems (TUHS), since 1963. As part of the sale, TUHS has signed a long term lease to occupy first floor of the building, approximately 80,000 square feet, where they will continue to provide the community with out-patient services.
Once complete, the newly repositioned property will include 1/3 modern hospital space and 2/3 Class A medical office space. There is 130,000 square feet available, with 60,000 square feet currently under advanced negotiations. The redevelopment plan will preserve a significant number of existing jobs and create hundreds of new quality healthcare positions.
“The plans for Northeast Hospital will create new and exciting economic opportunities for tenants and local residents with new jobs and commerce that will contribute significantly to the area’s re-vitalization,” said Matthew McManus, chairman of Bluestone Real Estate Capital. “The facility’s location, amenities and access to one of Philadelphia’s largest customer base make this one of the region’s most desirable properties for healthcare service providers.”
ABOUT NAI BLUESTONE REAL ESTATE CAPITAL
NAI Bluestone Real Estate Capital is a Philadelphia-based commercial real estate investment banking and advisory firm that secures innovative debt, mezzanine, equity and sponsor equity financing for the nation’s top-tier investors, operators, owners and developers. Leveraging its up to the minute market knowledge, credibility and relationships with highly regarded institutional financing sources, NAI Bluestone specializes in closing complex deals for sophisticated clients.
NAI Bluestone is part of NAI Global’s managed network, which includes over 5,000 professionals and 325 offices in 55 countries. NAI professionals complete over $45 billion in transactions annually. For more information please visit www.bluestonecap.com.
Rebecca Devine, 215-434-7191
KEYWORDS: United States North America Pennsylvania
INDUSTRY KEYWORDS: Health Hospitals REIT Urban Planning Construction & Property Commercial Building & Real Estate