Biscayne Atlantic Arranges Joint Venture Equity for Bethesda Health City

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Biscayne Atlantic arranged the joint venture equity on behalf of Flagler Investment LLC for the acquisition of Bethesda Health City, a medical health care facility located in Boynton Beach, FL.

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Bethesda Health City is an extraordinary asset in a particularly relevant product type. We believe the joint venture team of Flagler Investment and Investcorp is uniquely situated to take full advantage of the opportunities presented.

Biscayne Atlantic arranged the joint venture equity on behalf of Flagler Investment LLC for the acquisition of Bethesda Health City, a medical health care facility located in Boynton Beach, FL. The property was purchased for $37 million with a $26.3 million mortgage. Biscayne Atlantic identified Investcorp Real Estate as a strategic equity partner for the acquisition.    

Bethesda Health City is a unique and visionary property as it was built in 1996 as a campus and medical mall in what is becoming the ideal concept for new medical centers in the United States. Bethesda Health City, located at 10301 Hagen Ranch Road in Boynton Beach, consists of 133,473 rentable square feet and operates as an integrated medical center. A great strategic advantage of the asset is that doctors have access to Bethesda's outpatient surgery, cancer treatment center and women’s health center right in the same building.

David Garfinkle, CEO of Biscayne Atlantic commented on the property, “Bethesda Health City is an extraordinary asset in a particularly relevant product type in today’s marketplace. We believe the joint venture team of Flagler Investment and Investcorp is uniquely situated to take full advantage of the opportunities presented by this investment.”

Craig Sternberg, COO of Biscayne Atlantic added, “We received great interest in this asset due to the fundamentals of the deal, the synergies of the asset with the hospital system and the abilities of the highly skilled sponsorship team of Didier Choukroun and Chris Coots.”

About Biscayne Atlantic

Biscayne Atlantic is a boutique real estate investment and operating company focused on acquiring middle-market, value-add real estate throughout the Southeast. The principals of Biscayne Atlantic have also developed extensive relationships with institutional equity groups, lenders and financial institutions, providing strategic capital solutions for sponsorship groups during the acquisition process. Biscayne Atlantic has recently participated in over $150 million of real estate transactions. Visit Biscayne Atlantic online at http://www.biscayneatlantic.com.

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