CBRE’s Capital Markets Debt and Structured Finance team has arranged an $8.2 million loan in the refinancing of a Veterans Affairs outpatient clinic in Tomball, Texas.
Geoffrey Harris of CBRE’s Phoenix office arranged the 10-year, fixed-rate loan through one of CBRE’s Life Insurance Company correspondents at 3.49% with 7 years I/O and thereafter a 25-year amortization.
“The subject investment is the rare opportunity to own a property operated by the US Department of Veterans Affairs, guaranteed by the AA+ Credit Rating (S&P) of the United States Government,” said Mr. Harris. “The property is subject to a 20-year flat triple net lease with no outs. This VA Medical Center and Clinic is located at 1200 W Main Street in Tomball, Texas.”
The subject property was originally built in 1971. It underwent significant renovation in 2013 and the VA outpatient clinic opened in July the same year. The Tomball area is home to more than 46,000 veterans.