Kennedy Funding has closed a $1.5 million loan to Conner Creek Center of Detroit. Funds will be used to pay off existing debt and for working capital.
Conner Creek Medical Center was recently selected by Michigan as a site for testing and treating COVID-19 patients. The medical center has 60 beds and 19 ventilators.
Conner Creek is located just 10 miles north of downtown Detroit. The facility was built between 1946 and 1981, originally as Holy Cross Hospital. The site later became St. John Hospital, which ceased operations in 2004. Since then, St. John leased the property to medical facilities until it was acquired by new owners in 2015.
The new owners are currently converting the space, now called Conner Creek, into a boutique medical facility.
About 131,331 square feet of the five-story, 225,000-square-foot building is occupied by 11 tenants. Tenants in the 16.75-acre property 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. Working capital from the loan will, in part, fund the conversion of the remaining square feet into additional medical office space.