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TCC, Memorial Hermann Secure $27M for 250,000-SF Project

SUGAR LAND, TX-The joint venture obtains a three-year loan for 70% of the cost to build two 125,000-sf medical office buildings in Sugar Land and Katy. Memorial Hermann will occupy about 25% of each building and the rest is up for grabs.

By Jennifer D. Duell | Updated on May 18, 2005

SUGAR LAND, TX-A joint venture between Trammell Crow Co. and Memorial Hermann Healthcare System has obtained $27.4 million in construction and mini-perm financing to build two 125,000-sf medical office buildings in Sugar Land and Katy. The all-in development cost is estimated at $37 million.

Memorial Hermann Healthcare System contributed the acreage to the joint venture–roughly 1.5 acres. TCC affiliate, Partners Health Trust, will develop and own the five-story buildings, now under construction at 23020 Katy Freeway on Memorial Hermann’s new hospital campus and 17510 W. Grand Parkway South in Sugar Land. Memorial Hermann, which operates 12 acute-care hospitals, will occupy about 25% of the buildings. The projects will deliver in spring 2006.

“We decided to become involved in the deal because of the sponsorship,” says Angela Mago, national manager of the healthcare finance group for KeyBank, a division of Cleveland-based KeyCorp. “Trammell Crow is a well-known developer and Memorial Hermann is an outstanding healthcare system.”

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