Sherman Hospital Medical Office Building Ownership and Development Elgin, Illinois Boldt Contact: Paula Mitchell, AIA Jim Kleinfeldt Peter Todd Project Value: $25 million Completion Date: 2010 Architect Shepley Bulfinch Richardson & Abbott Construction Manager Walsh Construction Company

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Project Description
Sherman Hospital has engaged The Boldt Company to serve as the developer of its Medical Office Building (MOB) on its new hospital campus in Elgin, Illinois. Boldt is assuming the role previously held by another developer. Boldt has also been serving as program manager on Sherman’s replacement campus since 2004. As owner of the building, Boldt is responsible for the financing, leasing, design and construction oversight, and property management of the 100,000 sf project.

Unique Challenges
	Assuming development responsibilities at a critical project juncture with significant time constraints for CON submissions, sizing of the building, and overall project schedule
	Securing financing for the project in a difficult credit market
	Creating a seamless and smooth transition from one developer to another

Solutions
	Secured sufficient lease commitments to properly size the MOB three months after being engaged
	Worked with the architect, contractor and hospital team to ensure completion of the MOB
	Arranged for financing through a taxable bond issue that allows for physician ownership in the project