Waddell Mashburn of Mashburn Commercial Realty in Dallas and Craig Johnson of Maylar LP crafted the transaction for the 21,630-sf complex at 1630-40 Coit Rd. in Plano. But before they did, they set up a 50% stake in Texas Regional Heart Center's new 42,894-sf medical office building at 6601 Preston Rd. The build-to-suit and sale took nearly two years to pull together, Johnson tells GlobeSt.com.
Johnson says the biggest hurdle was a defeasance payoff of more than $300,000 for a conduit loan so the complex could be sold to HCA, which operates the hospital right next door. The financing fix was pushed to fruition during the nine-month construction of the $8-million cardiology facility. "It's the only way to sell buildings with conduits," he says.
The cardiology group terminated its sale/leaseback pact about 3.5 years early, according to Johnson. The Coit Road complex also holds a dentist and imaging center.
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