CCRE Lends $40M to Finance MedAlliance Centers in Bronx, Inwood

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Cantor Commercial Real Estate has provided a $40 million package to MedAlliance Medical Health to finance two of its three New York City medical office centers and a parcel used for company parking, according to property records filed yesterday.

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The package included a $9.4 million gap mortgage, New York City Department of Finance records show. MedAlliance President Shahin Daneshvar signed for the mortgage, which closed on Dec. 3, 2018. 

The package was secured by a three-story, 50,000-square-foot medical office facility at 625 East Fordham Road in Belmont—its flagship location—and an adjacent lot at 660 East Fordham Road, which is labeled for MedAlliance company parking. The office at 625 East Fordham Road has 59,419 square feet of unused development space, according to information from PropertyShark.

5037 broadway medalliance credit propshark CCRE Lends $40M to Finance MedAlliance Centers in Bronx, Inwood
MedAlliance facility at 5037 Broadway in Inwood. Photo: PropertyShark

Built in 1958, the office at 5037 Broadway in Inwood is a two-story, low-rise property, spanning roughly 10,000 square feet, with nearly 10,000 additional square feet of air rights, according to PropertyShark.

MedAlliance’s third location—unrelated to this deal—is at 518 East 149th Street, between St. Anns Avenue and Brook Avenue, in the Bronx.

A staple of Upper Manhattan and the Bronx since 1991, MedAlliance offers more than 18 different medical specialties, including orthopedic, dermatologic and neurologic services, which are all located on the third floor of its main office at 625 East Fordham Road.

Officials at CCRE declined to comment. An official at MedAlliance could not be reached.