ARLINGTON, TX-A joint venture affiliated with Windstar Properties has monetized a ground lease by obtaining a $3.35 million loan from a life insurance company. The ground lease covers 4.3 acres upon which the new Baylor Orthopedic and Spine Hospital sits.

Joseph N. Hevey Jr., managing director of Cohen Financial’s Dallas office, secured the fixed-rate, non-recourse loan has a 22-year term with a 6% interest rate. It is fully amortizing.

Developed by BremnerDuke Healthcare, a division of Duke Realty Corp., the hospital is owned jointly by Baylor Health Care System, United Surgical Partners International and Arlington Orthopedic Associates. The owners leased the land for 80 years (including the primary ground lease plus extension options) and developed a two-story, 57,000-square-foot facility on it. The duo pays a monthly fee for the ground lease at 707 Highlander Blvd.