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SOURCE Hammond Hanlon Camp LLC
$100 million medical office building connects nearly every facility on Kaleida Health's campus, showcases the future of outpatient facilities
NEW YORK, Sept. 30, 2013 /PRNewswire/ -- Hammond Hanlon Camp LLC (H2C), through its wholly owned subsidiary H2C Securities Inc., served as the exclusive financial advisor to Ciminelli Real Estate Corporation for the financing of an innovative 300,000 square-foot medical outpatient facility currently under development in downtown Buffalo, N.Y. H2C is an independent investment banking and financial advisory firm with an exclusive focus on healthcare services companies and related organizations.
The $100 million medical office building will be in the heart of the growing Buffalo Niagara Medical Campus. Called Conventus (Latin for "coming together"), the new facility will be physically connected with nearly every existing and planned facility, creating a new model for healthcare outpatient facilities. The campus is home to Kaleida Health, the largest health system in the two-county Buffalo area. Other recently completed or planned developments include additions to the John R. Oishei Children's Hospital and the new University of Buffalo Medical School. Conventus is an integral part of this campus expansion. Construction, which commenced with site work in April, is expected to be completed in the second quarter of 2015.
"Conventus is among the largest and most significant medical office buildings currently being developed in the country and is representative of the future of healthcare outpatient facilities," said Jay Miele, Managing Director of H2C. "As not-for-profit healthcare organizations continue to adapt to changing regulations and increasing patient volumes, they will need to adapt their facilities accordingly."
PJ Camp, Principal of H2C, added, "Ciminelli's healthcare development expertise, paired with the top-tier investment capabilities of its healthcare-focused capital partner, is a dynamic combination appropriate for a project of this caliber."
"H2C's exclusive focus on healthcare made their real estate team uniquely qualified to execute the transaction for our $100 million medical complex," said Paul Ciminelli, President and Chief Executive Officer of Ciminelli Real Estate Corporation." We look forward to working with H2C on the second phase of this project and to a continued partnership for future healthcare real estate engagements. "
Through a carefully managed process, H2C obtained numerous highly competitive term sheets prior to the final selection of Seavest Healthcare Properties LLC to be Ciminelli's partner. Seavest's investment rounded out the capital stack which included the developer's equity and a construction loan with a regional bank. Construction, which commenced with site work in April, is expected to be completed in the second quarter of 2015.
About Ciminelli Real Estate Corporation - Ciminelli Real Estate Corporation is a full service corporate real estate firm that is a leading developer and owner of commercial properties in Buffalo, throughout the Western New York region and beyond. The Company specializes in a full range of commercial real estate services, including development, asset management, property management, leasing, acquisition, disposition, and LEED consulting services, among others.
About Seavest Healthcare Properties LLC - Seavest Healthcare Properties LLC is a real estate investment management firm focused on joint venturing with established developers to build new properties, directly acquiring existing properties, and asset managing medical office buildings, outpatient facilities and similar healthcare real estate assets. A pioneer in this sector, Seavest made its first healthcare real estate investment in the mid-1980s. Today, the firm has a significant portfolio of medical office and outpatient properties which are controlled through dedicated healthcare real estate investment funds.
About Hammond Hanlon Camp LLC - Hammond Hanlon Camp LLC is an independent investment banking and strategic advisory firm, with an exclusive focus on the healthcare community and related organizations. The firm traces its heritage back almost 30 years through its predecessor organizations, including Shattuck Hammond Partners. The firm's principals have been lead advisors on hundreds of transactions in the healthcare industry representing billions of dollars in value. The company serves clients across the nation from offices in Atlanta, Chicago, New York and San Diego. H2C's real estate investment bankers have a long track record of success in the healthcare real estate industry and are currently acting as financial advisor on numerous transactions nationwide. Hammond Hanlon Camp LLC conducts securities-related engagements through its wholly-owned subsidiary, H2C Securities Inc., an SEC licensed broker-dealer and member of FINRA, SIPC and the MSRB.
Melanie A. Beller
Hammond Hanlon Camp LLC
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