EAST NORRITON, PA–EnTrust Realty Advisors has secured a new equity partner for a two-story medical building adjacent to the new Einstein Medical Center here, GlobeSt.com has exclusively learned.
EnTrust completed the transaction on behalf of Alter+Care, the developer/owner of the 71,685-square-foot Enstein Montgomery Medical Arts Building.
James I. Clark III, managing principal for Chicago-based EnTrust, said that Harrison Street Real Estate, a private real estate equity firm founded in 2005, is the new equity partner.
“The Einstein transaction was a highly structured one that involved Harrison Street Real Estate making an investment in the existing ownership entity, the assumption and recasting of the existing loan, and the amendment of the ground lease with the hospital,” said Clark.
An affiliate of The Alter Group, EnTrust specializes in the disposition and recapitalization of investment real estate through direct sales, joint ventures and structured financing.
Mark Burkemper, vice-president of Harrison Street RE said that the investment furthered his company's plan to acquire on-campus medical office buildings leased to top health systems. Serving Philadelphia and Montgomery County, Einstein Healthcare Network is a 1,267-bed integrated delivery network.
The new Einstein Medical Center is a 146-bed, acute-care facility that also offers healthcare professional training programs.
It is a recent addition to the Alter Group's 17 million-square-foot portfolio of properties.
Harrison Street invests in healthcare, education, and storage properties across the U.S. The firm currently owns about $3.5 billion in real estate assets, consisting of 250 properties in 38 states. They include 25,000 student housing beds, more than 6,000 senior housing/assisted living units, over 1.4 million square feet of medical office space, and more than 72,000 self-storage units.
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