MORRISTOWN, NJ—G.S. Wilcox & Co. has arranged $87.1 million in securitized financing backed by hospital assets. It's believed to be the first time for such a securitization. The non-recourse financing was placed in seven, non-crossed collateralized loans secured by nine hospital and medical buildings in eastern Pennsylvania. The tenant, Coordinated Health, is a privately held, physician owned, specialized hospital, network health care provider.
The portfolio consisted of 411,000 square feet of healthcare space that included two hospitals, Allentown Hospital and Bethlehem Hospital. The remaining seven buildings house a variety of medical services, including, physical therapy and rehab, laboratory, orthopedics, diagnostics, sports medicine, primary care and women's health.
Wilcox's David Fryer headed the financing assignment for the Coordinated Health properties. Joe Smerdon, principal, assisted in the intricate closing process. The financing, placed with a CMBS lender, has a 10 year term and a 30 year amortization.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
