Contact Us
DASCO Companies
11360 Jog Road
Suite 200
Palm Beach Gardens, FL 33418
t: 800-452-8121
f: 561-622-2622
DASCO Provides Services to Medical Office Properties Portfolio
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There is no set DASCO Model for acquisitions or developments.
Our first step is to discover the goals and objectives of our clients; then we begin
exploring the alternatives to achieving those goals. Whether it be the ownership
structure, lease structure, debt structure or type of property, our primary
objective is to satisfy the needs of our clients along with ensuring viability
for DASCO.
The University of Medicine and Dentistry
of New Jersey was faced with a major
capital facility expansion. DASCO, together with
Lehman Brothers, created a financing and ownership
structure allowing UMDNJ to hold a long-term leasehold
interest in the project. The structure produced
by DASCO and Lehman brought a special purpose
not-for-profit entity to serve as the Project
Lessor. The project financing was placed through
the issuance of tax free Certificates of Participation.
The Lessor Project Ownership reverts to the University
at the end of the lease term. DASCO'S involvement
with the project allowed UMDNJ to expedite the
delivery of the 120,000 SF project and focus more
time on their other $1.2 billions of acute care
expansions.
IASIS had leased The Birthplace
at Southwest General from a third party
owner who was trying to sell it to an entity who
was not willing to renovate and expand it. (The
Birth Place is a birthing center attached to IASIS'
Southwest General Hospital in San Antonio, TX.)
IASIS then put the property under contract and
assigned the contract to DASCO, who proceeded
with the renovation and much needed expansion.
As a result of the renovations, The Birthing Center
obtained Level II certification which allowed
them to accept 33-week patients, business that
was being lost to downtown area hospitals. The
34,100 square foot project was completed in August
2002.
DASCO closed the acquisition of
a 218,000 square foot portfolio of medical office
buildings purchased from Orlando Regional
Hospital System (ORHS) in July of 2002.
The portfolio presented some specific financing
challenges in that approximately 36% of the rentable
area ownership interests are condominium interests,
some in a building in which DASCO does not fully
control all of the condominium interests. In the
end, DASCO structured a transaction that enabled
the hospital to meet their financial goals and
retain strategic control, and, at the same time,
maintain physician tenancy. |
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