This large medical office building, owned by physicians of the tenant groups, was struggling with ownership changes. Buy-ins were too expensive for new physicians and retired partners wanted to be bought out in full. CMAC arranged financing to make the ownership changes work for all the owners, while reducing the interest rate by nearly 2%. This western ophthalmology group wanted to consolidate its loans, refinance, and leverage up to create more affordable partner buy-ins, taking advantage of the then low-rate environment. CMAC was also challenged with the group’s interest rate swap which was underwater by over $650,000. CMAC sent requests for proposals to multiple banks and, anticipating the rise in interest rates, negotiated with one of the banks to forward lock the rate for a 90-day period. During the time from rate lock to closing, market interest rates rose over 60 basis points. Also, the swap was no longer underwater, which resulted in the bank paying the borrower nearly $50,000. CMAC was pleased to assist this group on their project for a second time.