PHOENIX-Barnet, Dulaney, Perkins Eye Center has purchased two medical office buildings for $6.6 million with the help of financing provided by locally-based office of Cohen Financial. The properties include a 14,506-square-foot office at 5250 E. Southern Ave. in Mesa, AZ and a 14,230 office at 9425 W. Bell Rd. in Sun City.
Brandon Harrington, VP with Cohen, originated the transactions on behalf of the borrower, an eye care provider. He tells GlobeSt.com that the Mesa location was empty, and the Barnet borrowed about $1.7 million as part of the loan to build a new medical facility with a surgery center. “At Sun City, they purchased a building they had been leasing for more than 20 years, and they borrowed about $400,000 to make some updates,” Harrington says.
On the Mesa location, Cohen arranged a 6.25% fixed-rate bank loan with a 25-year amortization, and an SBA loan with a 5.50% interest rate closing with a 20-year amortization. At the Sun City property, Cohen secured a 6.40% fixed-rate bank loan with a 20-year amortization, and an SBA loan with a 5.60% interest rate at closing with a 20-year amortization.
“We were faced with an extremely complex borrowing entity structure on these properties,” says Harrington. “The seller of the Sun City property had various liens that were coming due on the property and needed an expedient closing to satisfy those lien holders. In spite of the challenges, we were able to secure very attractive terms for our borrower across both properties.”
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