{"id":1004540582,"date":"2021-06-21T04:36:27","date_gmt":"2021-06-21T12:36:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004540582"},"modified":"2022-12-07T06:17:23","modified_gmt":"2022-12-07T14:17:23","slug":"90-north-completes-recap-of-hospital-system-hqs-in-cincinnati","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/90-north-completes-recap-of-hospital-system-hqs-in-cincinnati\/","title":{"rendered":"90 North Recaps Hospital System\u2019s HQ in Cincinnati"},"content":{"rendered":"
\"\"

1701 Mercy Health Place. Image courtesy of JLL<\/p><\/div>\n

U.K.-based 90 North has completed the equity and debt recapitalization of Bon Secours Mercy Health\u2019s headquarters in Cincinnati, in collaboration with a Kuwaiti investor.<\/p>\n

90 North had purchased the 368,500-square-foot property located at 1701 Mercy Place in May 2017. The deal closed shortly after the Class A office building\u2019s completion, with Sidra Capital of Saudi Arabia as the majority owner, Dan Cooper, 90 North partner & head of North America, told Commercial Property Executive<\/em>.<\/p>\n

The subsequent merger of Bon Secours and Mercy Health necessitated that the property be expanded. The new owner worked with the building\u2019s tenant to fund and construct a new parking garage. A lease extension was negotiated as well, with now 14 years remaining.<\/p>\n

\n

READ ALSO:<\/strong> Why CRE Investors Are Ready to Leave the Sidelines<\/a><\/p>\n

\n

With that settled, and the original business plan nearing its conclusion, 90 North introduced a new investor from Kuwait, Rasameel Investment Co., as part of a transaction worth more than $100 million. Rasameel is now the sole owner, with 90 North as advisor and asset manager, Cooper told CPE<\/em>.  <\/p>\n

As part of the transaction, JLL Capital Markets arranged $65.5 million in financing, in the form of a five-year, sub-2.5 percent fixed-rate acquisition loan through PNC Bank.<\/p>\n

The property\u2019s amenities include a fitness center, large outdoor dining and activity area, food market, a walking\/running trail encircling the campus and parking for more than 1,400 vehicles.<\/p>\n

The five-story building is situated in Cincinnati\u2019s Bond Hill neighborhood, about 10 miles north of the central business district. The property is adjacent to Ohio 52, which connects readily to I-75 and I-71, and is surrounded by retail centers, dining and golf courses.<\/p>\n

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Keith Largay and Director Lucas Borges.<\/p>\n

Bon Secours Mercy Health is one of the nation\u2019s largest Catholic healthcare systems and one of Ohio\u2019s largest employers and operates 50 hospitals in the eastern U.S. and Ireland.<\/p>\n

High vacancy <\/strong><\/h2>\n

Last year, according to Cooper, Rasameel and 90 North purchased the headquarters of Ensemble Health in metro Cincinnati<\/a> from a local developer. The 400,300-square-foot property in Blue Ash is net-leased to Ensemble, a medical billing management company, which executed a new long-term lease with the new ownership.<\/p>\n

The Cincinnati office market has a vacancy rate of 19.9 percent, with most submarkets seeing negative absorption in the first quarter, according to a recent report from Cushman & Wakefield. Despite this, asking rents rose slightly, to $19.44 per square foot.<\/p>\n

The Blue Ash submarket is broadly similar, with 21.3 percent direct vacancy, on an inventory of 4.4 million square feet, according to that same report.<\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

A $65.5 million loan arranged by JLL financed the deal.<\/p>\n","protected":false},"author":882,"featured_media":1004540583,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,13,21742,21747],"tags":[39222,44006,36928,51156],"class_list":["post-1004540582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-midwest","category-latest","category-office","tag-90-north-group","tag-jll-capital-markets","tag-pnc-bank","tag-rasameel-investment-co"],"acf":[],"yoast_head":"\n90 North Recaps Hospital System\u2019s HQ in Cincinnati - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/90-north-completes-recap-of-hospital-system-hqs-in-cincinnati\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"90 North Recaps Hospital System\u2019s HQ in Cincinnati\" \/>\n<meta property=\"og:description\" content=\"A $65.5 million loan arranged by JLL financed the deal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/90-north-completes-recap-of-hospital-system-hqs-in-cincinnati\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-21T12:36:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T14:17:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/1701-Mercy-Health-Place.-Image-courtesy-of-JLL.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/90-north-completes-recap-of-hospital-system-hqs-in-cincinnati\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/90-north-completes-recap-of-hospital-system-hqs-in-cincinnati\/\",\"name\":\"90 North Recaps Hospital System\u2019s HQ in Cincinnati - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/90-north-completes-recap-of-hospital-system-hqs-in-cincinnati\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/90-north-completes-recap-of-hospital-system-hqs-in-cincinnati\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/1701-Mercy-Health-Place.-Image-courtesy-of-JLL.jpg\",\"datePublished\":\"2021-06-21T12:36:27+00:00\",\"dateModified\":\"2022-12-07T14:17:23+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/90-north-completes-recap-of-hospital-system-hqs-in-cincinnati\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/90-north-completes-recap-of-hospital-system-hqs-in-cincinnati\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/90-north-completes-recap-of-hospital-system-hqs-in-cincinnati\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/1701-Mercy-Health-Place.-Image-courtesy-of-JLL.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/1701-Mercy-Health-Place.-Image-courtesy-of-JLL.jpg\",\"width\":800,\"height\":620,\"caption\":\"1701 Mercy Health Place. 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