NorthMarq Capital has arranged $26.8 million in first mortgage bridge financing for Burr Ridge Medical Center, a 105,000 sq. ft. medical office building in the Chicago suburb of Burr Ridge, Ill. The major tenant at the site is Loyola University Health System, which was acquired by Novi, Mich.-based Trinity Health for $175 million earlier this summer.
Bank of America provided the loan. The borrower is an affiliate of Sterling Bay Cos., a Chicago-based real estate investor and developer. During the underwriting process, Trinity Health agreed to acquire the Loyola University Health System. The deal with Trinity closed about 30 days after the loan was funded.
Trinity is the nation’s fourth-largest Catholic health care system in the country with 47 hospitals, 379 outpatient centers, 31 long-term care facilities and numerous home health offices and hospice programs in 10 states. Trinity generates $7 billion in annual revenue. Loyola operates two hospitals with 820 beds.
The owner was able to convert a lease for two-thirds of the building into a long-term lease for the entire facility. The owners are positioning the building for sale in 2012.
Headquartered in Minneapolis, NorthMarq provides mortgage banking and commercial loan servicing in 32 offices nationwide, with an average annual production of $7 billion. NorthMarq also services a loan portfolio of nearly $40 billion.