Evergreen Medical Office

doxey-hatch

 

Location: Salt Lake City, UT
Description: 80,000 sq. ft. medical office building, dated construction and under 50% leased.
Investment Date: 2012
Opportunity: Notes backing distressed, aged product, located adjacent to top 10 metro area hospital, available for purchase from bank.  Project could be rehabilitated and marketed to medical professionals.
Investment Thesis: Demolish dated wings of the building, free up parking to allow for more user convenience, and rehab/modernize the building so upscale medical professionals would locate adjacent to one of the most successful hospitals in the Salt Lake City area.
Status/Results: Project construction completed and building 100% leased. Lodestar provided construction financing. Over 30% IRR after permanent debt/dividend refi completed.