Jim Cooper, vice president of NorthMarq’s Phoenix regional office arranged combined first mortgage refinancings of $6.45 million for two medical office buildings located in Chandler, Arizona. The buildings contain a combined total of 14,686 sq. ft. of medical office space.
Chandler Medical Building B, located at 600 South Dobson Road, contains a total of 9,808 sq. ft. and was financed at $1.475 million. Modern Diagnostic Imaging is the major tenant at the site. The lender went out of their way to accommodate the borrower’s loan request by working with NorthMarq and the appraiser to justify the medical imaging tenant’s above market lease rate. Doing our homework up front made the transaction a success for the borrower.
Paloma Business Park Building K, located at 60 South Kyrene Road, contains a total of 4,878 sq. ft. and was financed at $787,500. This
asset is a single tenant property fully leased to Mesa Pediatrics at above market rents. We had to overcome above market lease rates and a higher than average loan per square foot to get the lender comfortable with the transaction. However, the tenant has been in occupancy for 10 years and recently sign and extension. This combined with the borrower’s experience gave the lender the security they needed to close the loan.
Financing for these two transactions was based on a 5-year term and a 25-year amortization schedule. NorthMarq arranged these financings for the borrowers through its relationship with a local bank.