Monday, March 30, 2009

Developers push ahead with plans for North Dallas medical complex.

Developers are pushing ahead with construction of a North Dallas medical complex.

Cirrus Group has obtained a $16.79 million construction loan for the Reliant Rehabilitation Hospital, which will be built on Northaven Road just west of North Central Expressway.

The 65,000-square-foot medical facility will accommodate 60 patients and will be operated by Dallas based Reliant Healthcare Partners.

“Construction is anticipated to take 11 months,” said Chris Godfrey, Cirrus Group’s director of finance.

Colonial Bank provided the construction financing. Godfrey said it’s one of the largest such building loans made in the area so far this year.

With the credit crunch, lending for new commercial real estate projects has been sharply curtailed.

“We have not heard of any large construction loans closing recently – anywhere in the country for that matter,” Godfrey said.

Perkins + Will is the architect for the project, which will be built by contractor Hill & Wilkinson Ltd.

Cirrus Group is one of the largest health care real estate developers in the country with offices in Dallas, Phoenix, Cleveland and Houston.

Reliant Healthcare has partners with a group of local physicians for the new Dallas hospital. The company operates other facilities in Austin, Houston and in Richardson.

The Dallas Morning News