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 (“H2C”) is an independent strategic advisory and investment banking firm committed to providing superior advice as a trusted advisor to healthcare organizations throughout the United States. H2C’s professionals have a long track record of success in healthcare mergers & acquisitions, capital markets, real estate and restructuring transactions, acting as lead advisors on hundreds of transactions representing billions of dollars in value. Hammond Hanlon Camp LLC offers securities through its wholly-owned subsidiary H2C Securities Inc., member FINRA/SIPC. For more information, go to h2c.com
Hammond Hanlon Camp LLC
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New York, NY 10022
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Atlanta, GA 30305
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311 South Wacker Drive
Chicago, IL 60606
Hammond Hanlon Camp LLC ("H2C") Completes Financing of 300,000 Square-Foot Medical Facility in Buffalo, NY
posted on October 4, 2013
New York – Oct. 4, 2013 – 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, NY 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 Coventus (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.