Cushman & Wakefield announced that it represented investor Montecito Medical Real Estate in securing $15 million in bank financing for a medical outpatient building (MOB) portfolio in Paducah, Kentucky.
The acquired assets include two MOBs in Paducah, Kentucky. The two-building portfolio consists of 100 Clint Hill Boulevard, which totals 18,610 square feet, and 200 Clint Hill Boulevard, which totals 43,346 square feet, on approximately 14 acres near U.S. Highway 62 and Interstate 24. It is fully occupied by Mercy Health-Lourdes Hospital LLC, an affiliate of Bon Secours Mercy Health.
Montecito Medical Real Estate specializes in healthcare-related real estate acquisitions and funding. Since 2006, it has completed transactions across the United States involving more than $5 billion in medical real estate.
Cushman & Wakefield Director Tyler Morss represented Montecito in the transaction. Tyler is a member of the firm’s Healthcare Capital Market Team and focuses exclusively on equity, debt and structured finance for healthcare real estate across the United States.
“These well-located properties are leased long-term to a growing orthopedics practice within the region’s dominant healthcare system,” Morss said. “These two properties were not only highly attractive acquisitions for Montecito but also presented a compelling credit opportunity for lenders. Amidst the current difficulties in the debt markets and the limited pool of lenders specializing in healthcare, the introduction of a new credit source with a strong interest in healthcare real estate provides Montecito with a distinct competitive advantage as it continues to build a best-in-class healthcare portfolio.”
According to data captured in the LevinPro HC database, this acquisition represents the 115th MOB transaction of the year. This is the second MOB to be purchased in Kentucky in 2024. Additionally, this marks Montecito’s 14th MOB acquisition of the year. Financial terms of the deal were not disclosed.
