Mohawk Asset Management Corp. announces the purchase of an urban, on-campus medical office building in Chicago, IL
TORONTO, March 26, 2020 /CNW/ - Mohawk Asset Management Corp. ("Mohawk"), a Toronto-based private equity and alternative asset management firm specializing in healthcare real estate, announced today the formation of Mohawk Chicago (Portage Park) Opportunity Partners (I) LP and the purchase of an urban, on-campus medical office building in Chicago, Illinois.
The Portage Park Medical Office Building is a 30,000 square foot, five story structure adjacent to the Community First Medical Center Hospital. This 299-bed hospital specializes in cardiology and orthopedic surgery and is one of the busiest emergency care centers in Greater Chicago. In addition to the hospital's tenancy in the fully leased medical building, other tenancies include pulmonology, internal medicine, urology, cardiology, neurology, audiology, podiatry, eye clinic and a pharmacy.
The property was financed by an amortizing bank mortgage at 3.73% for a five-year term.
This acquisition represents a continuation of Mohawk's cross-border investment platform called 'Mohawk America' which invests in U.S. healthcare real estate with cash flow stability and growth potential, syndicated to Canadian investors.
Mohawk Medical Management Corp. will bring its expertise in medical office building management to provide specialized professional management services to tenants and patients at the building.
Mohawk anticipates closing on future opportunities in the Greater Chicago area this year.