H2C completes financing of 300,000 s/f medical facility in Buffalo; Served as financial advisor to Ciminelli Real Estate Corp.

Hammond Hanlon Camp LLC (H2C), through its wholly owned subsidiary H2C Securities Inc., served as the exclusive financial advisor to Ciminelli Real Estate Corp. for the financing of an innovative 300,000 s/f medical outpatient facility currently under development in the downtown. H2C is an independent investment banking and financial advisory firm with an exclusive focus on healthcare services companies and related organizations. The $100 million medical office building will be in the heart of the growing Buffalo Niagara Medical Campus. Called Coventus (Latin for "coming together"), the new facility will be physically connected with nearly every existing and planned facility, creating a new model for healthcare outpatient facilities. The campus is home to Kaleida Health, the largest health system in the two-county Buffalo area. Other recently completed or planned developments include additions to the John R. Oishei Children's Hospital and the new University of Buffalo Medical School. Conventus is an integral part of this campus expansion. Construction, which commenced with site work in April, is expected to be completed in the second quarter of 2015. "Conventus is among the largest and most significant medical office buildings currently being developed in the country and is representative of the future of healthcare outpatient facilities," said Jay Miele, managing director of H2C. "As not-for-profit healthcare organizations continue to adapt to changing regulations and increasing patient volumes, they will need to adapt their facilities accordingly." PJ Camp, principal of H2C, said, "Ciminelli's healthcare development expertise, paired with the top-tier investment capabilities of its healthcare-focused capital partner, is a dynamic combination appropriate for a project of this caliber." "H2C's exclusive focus on healthcare made their real estate team uniquely qualified to execute the transaction for our $100 million medical complex," said Paul Ciminelli, president and chief executive officer of Ciminelli. "We look forward to working with H2C on the second phase of this project and to a continued partnership for future healthcare real estate engagements. " Through a carefully managed process, H2C obtained numerous highly competitive term sheets prior to the final selection of Seavest Healthcare Properties LLC to be Ciminelli's partner. Seavest's investment rounded out the capital stack which included the developer's equity and a construction loan with a regional bank. Construction, which commenced with site work in April, is expected to be completed in the second quarter of 2015.