Project Description

Sherman Hospital engaged Boldt to serve as the owner / developer of a Medical Office Building (MOB) on its new hospital campus in Elgin, Illinois. As owner of the building, Boldt is responsible for the financing, leasing, design and construction oversight and property management of the 100,000-sq.-ft. project. In addition to its role on the MOB, Boldt also served as the owner’s representative / fee-for-service developer for the $325 million hospital project on the same campus.

Boldt was engaged approximately three years after the project was started by another developer. Despite not having a single binding lease commitment when the project was taken over, we were able to complete the project in less than 22 months and the building opened concurrently with the opening of the new Sherman Hospital.

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 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 coincided with the hospital opening

• Arranged for financing through a taxable bond issue that allows for physician ownership in the project