Broward Health Lands $97M to Build Another Medical Office

Broward Health nabbed a $97 million loan to build a six-story medical office in Deerfield Beach, Fla., just two months after securing funding for another medical complex in Downtown Fort Lauderdale.

UMB Bank, as a trustee on behalf of lenders, provided the leasehold mortgage, through a tax-exempt bond, to Centurion Foundation, per a spokesperson for the bank. The Atlanta-based nonprofit arranges debt to support other nonprofits and has a lease with Broward Health at 101 East Sample Road, just east of Interstate 95, adjacent to the 696,020-square-foot Broward Health North hospital complex. 

The new financing is scheduled to mature in 2057, according to mortgage documents.

The six-story development will span 114,000 square feet and include 75 exam rooms, mostly for cardiovascular, neuroscience and orthopedics specialties. The building, designed by The Beck Group and DMZ Architects, is expected to open next year. 

“This expansion not only highlights our growth as a trusted health care provider, but also reinforces our dedication to improving patient care with the most advanced facilities,” Dane Ficco, CEO of the Broward Health Physician Group, said in a statement.

In January, the public health care system landed a $131 million construction loan, also from UMB Bank, to add a medical office and parking garage in Downtown Fort Lauderdale, near the full-service Broward Health Medical Center hospital. Broward Health operates four hospitals in the county.

Representatives for Centurion Foundation did not immediately respond to requests for comment.

Clarification: UMB Bank is not the lender, as previously reported, but a trustee acting on behalf of lenders. 

Julia Echikson can be reached at jechikson@commercialobserver.com.