OrthoIndy Lands $45M for Indianapolis MOB
OrthoIndy has obtained $45 million for the refinancing of OrthoIndy South, a 77,600-square-foot medical office building in Greenwood, Ind., according to CommercialEdge information. Webster Bank provided the permanent loan.
The company acquired the facility in January 2020 for $51.8 million, the same source shows. The same year, the property became subject to a $46.1 million loan originated by Old National Bank.
Located at 1260 Innovation Parkway, the two-story building is close to Interstate 65 and Indy South Greenwood Airport. Downtown Indianapolis is some 13 miles northwest. Other medical providers in the area include Option Care Health, Indiana Spine Group, Greenwood Dermatology and Goodman Campbell Brain and Spine.
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Completed in 2010, the medical outpatient building provides physical therapy, imaging, pre-operative and urgent care services. The low-rise has a fitness center, 310 parking spaces and two passenger elevators.
OrthoIndy currently has 11 locations in metro Indianapolis, out of which two are in Greenwood. The other facility is at 1579 Olive Branch Parke Lane, some 8 miles from OrthoIndy South.
The medical office building sector is set to expand its inventory by 10.6 percent over the next five years, according to a JLL report. Despite the optimistic outlook, construction activity remained constrained in the fourth quarter of last year, with new starts hitting a record low of 0.8 percent of existing stock.
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