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$38 million in financing for Bradenton rehab hospital


  • By Louis Llovio
  • | 12:15 p.m. May 13, 2024
  • | 2 Free Articles Remaining!
404 53rd Ave. W., Bradenton
404 53rd Ave. W., Bradenton
Image via Google Maps
  • Manatee-Sarasota
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The owners of a new 60-bed rehabilitation hospital coming to Bradenton have secured $38 million in financing for the construction of the project.

The financing was arranged through Marcus & Millichap Capital Corp., a division of the commercial real estate firm Marcus & Millichap.

The hospital is being built by Cross Development and Kennor Holdings at 404 53rd Ave. W.

According to a statement from Marcus & Millichap, the project will be managed by Nobis Rehabilitation Partners, which already operates three hospitals in Florida, including one in Tampa. It manages a total of 14 nationwide with eight others in the pipeline.

There was no immediate timeline for the project.

According to Manatee County public records, an LLC tied to Kennor and Cross bought the 53rd Avenue property office building last month for $1.7 million from a local investor.

Marcus & Millichap says the loan is set at an 8.77% fixed rate with a 30-year amortization and three years of interest only.

 

author

Louis Llovio

Louis Llovio is the deputy managing editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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