Kennedy Funding announced on Tuesday it has closed a loan for a medical facility that was seeking to expand its space to accomodate more health care providers.
The Englewood Cliffs-based global direct private lender said it closed a $1.5 million loan for Detroit-based Conner Creek Center LLC. Funds will be used to pay off existing debt and working capital.
“Medical providers like Conner Creek Medical Center are more important than ever, especially in light of the growing COVID-19 pandemic,” Kevin Wolfer, CEO and president, Kennedy Funding, said. “Residents of Detroit and the surrounding area can access much-needed care in the community.”
Wolfer said the medical center had been recently selected by the state of Michigan to use as a testing site for COVID-19.
“Conner Creek Medical Center has 60 beds and 19 ventilators, which will be crucial for tending to patients with COVID-19 who are in need of acute care,” Wolfer said.
The five-story building is comprised of 225,000 square feet and occupied by 11 tenants.