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Workouts: Non-Performing Loan Sales & REO - page 10 / 54





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Relevant Experience: Hospital Advisory

Lenox Hill Hospital 213 East 63rd Street, New York, NY

Lenox Hill Hospital, like many hospitals today, sought cash to support its operating costs and chose to sell a surplus property adjacent to their Manhattan Eye Ear and Throat Hospital. Lenox Hill Hospital retained Newmark Knight Frank for the disposition. The 42,800-square-foot property was originally a dormitory for nursing students and had been used most recently as administrative offices. The challenge was to separate the surplus area and maximize value while meeting zoning, safety and operational requirements for the buyer and the hospital.

The property was marketed to users and residential and commercial developers. The property was sold to a developer who needed the space to house a New York City public school.

Mount Sinai Medical Center 1212 Fifth Avenue and 315,000 SF of Additional FAR, New York, NY

Newmark Knight Frank was engaged by the Mount Sinai Medical Center to provide real estate consulting and investment sales advisory services for the creation of a new Center for Science and Medicine – an approximately 410,000-square-foot, state-of-the-art medical science and research facility.

Newmark Knight Frank assisted with various concerns pertaining to the tower’s development, as well as financing considerations. To realize this new facility, Newmark Knight Frank guided Mount Sinai through various stages of the review process resulting in the sale of an existing property, 1212 Fifth Avenue, and an additional 315,000 square feet of FAR.

The sale was complicated by the fact that Mount Sinai required mechanical space as part of the new development for the Center for Science and Medicine. In comparing offers, Newmark Knight Frank was careful to include detailed due diligence about each company, as the hospital was not only selling space, but also sharing a part of the building. Newmark Knight Frank served as an advisor during the planning stages and as investment sales broker for the sale.

Hospital Corporation of America (HCA) Memorial Hospital, Pembroke Pines, FL

Newmark Knight Frank advised HCA as part of their overall disposition plan for a 175,000-square-foot hospital. The strategy was to monetize the asset at the lowest cap possible while structuring a long-term lease which allowed for stable operation with maximum flexibility. HCA also sought an underlying lease structure and limited building operation risk and liability.

Newmark Knight Frank was able to structure a $35 million sale that resulted in HCA’s 15-year net lease for 100% of property. This allowed HCA to receive the infusion of capital to reinvest into their core business while achieving a stabilized occupancy solution for the next 15 years. The purchaser was a foreign investment fund.


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