Conner Creek Medical Center at 4777 Outer Drive East in Detroit — Courtesy:Kennedy Funding
By Joshua Burd
Kennedy Funding has closed a $1.5 million loan for the owner of a health care facility in Detroit, where plans include using the site for testing and treating COVID-19 patients.
The direct private lender, which is based in Englewood Cliffs, announced it is providing the funds to Conner Creek Center LLC, the owner of Conner Creek Medical Center. The borrower will use the proceeds to pay off existing debt and for working capital for the facility at 4777 Outer Drive East, some 10 miles north of downtown Detroit.
“Medical providers like Conner Creek Medical Center are more important than ever, especially in light of the growing COVID-19 pandemic,” said Kevin Wolfer, CEO and president of Kennedy Funding. “Residents of Detroit and the surrounding area can access much-needed care in the community.”
Located near interstates 94 and 696, Conner Creek was built between 1946 and 1981, originally as Holy Cross Hospital, Kennedy Funding said. The 225,000-square-foot building later became St. John Hospital, which ceased operations in 2004 and was subsequently leased to various medical users until new owners acquired the building in 2015.
Ownership is currently converting the space into a boutique medical facility, Wolfer said. He added that the state of Michigan recently selected Conner Creek as a site for testing and treating COVID-19 patients, noting the complex has 60 beds and 19 ventilators.
Meantime, roughly 131,000 square feet of the five-story building is occupied by 11 tenants, Wolfer said. They include the Department of Veterans Affairs, which occupies 29,012 square feet, and Conner Creek Life Solutions, a residential substance abuse treatment facility that occupies 32,500 square feet.
“The Conner Creek complex provides value to the greater Detroit community that cannot be understated,” Wolfer said. “We are proud that we were able to secure the funding they needed to continue helping those in need of medical care, during this crisis and well into the future.”
