A world leader in the treatment of eating disorders, Veritas Collaborative had unique needs for their new Durham, NC facility. They required 90,000+ square feet of space in RTP on a long-term basis for residential, clinical, and culinary functions within the facility. Improvement costs for the area were averaging over $100 per square foot for a similar scope of work. Identifying a facility of this size owned by a well-capitalized landlord while minimizing the lease securitization for the four-year-old company was critical.
We identified an off-market building that could be sold outside of the intended portfolio sell. A developer with a healthcare portfolio was subsequently selected to purchase the building and fund the majority of required improvement dollars.
Veritas Collaborative opened its doors to a new 97,000 square-foot facility. The hospital is the flagship facility on a long-term lease with an aggressive rental rate, exceptional landlord partner, and strategic location to provide care for the eating disorder community. Ultimately, lease securitization was also minimal given the amount of landlord dollars invested in the building.