Siemens Financial and First Horizon have provided construction financing totalling US$64.8 million for the development of a hospital and medical outpatient complex in Palm Beach County, Florida. Sina Companies secured the loan for the planned "Health Park at Avenir" project in Palm Beach Gardens, Florida. The property is fully leased to Jupiter Medical Center.
News of the loan was reported by The Real Deal on Thursday, although the lender was not specified. Aztec Group brokered the financing with a team led by Ezra Katz and Sean Harrington.
Details of Health Park at Avenir
The Health Park at Avenir, located at 12001 Northlake Boulevard, will consist of a two-storey neighbourhood hospital and a three-storey medical outpatient building, with a total area of 101,517 square feet. The project is being built within the 4,752-acre master-planned community of Avenir in Palm Beach Gardens.
According to Sina Companies, the project includes an approved future phase for the development of an additional 24,000 square feet of medical outpatient space. Malcolm Sina, Executive Chairman of Sina Companies, expressed his delight at Jupiter Medical Center's establishment in Avenir and the associated expansion of access to high-quality healthcare in Palm Beach Gardens.
Significance for the Region
The realisation of Health Park at Avenir underscores the continued investment in Palm Beach County's healthcare infrastructure. The provision of comprehensive medical services in a growing community like Avenir significantly contributes to the quality of life for residents and consolidates Palm Beach Gardens' position as a major location for healthcare services in Florida.
- —Project name: Health Park at Avenir
- —Lenders: Siemens Financial and First Horizon
- —Borrower: Sina Companies
- —Tenant: Jupiter Medical Center
