The doctor-owners of the hospital real estate wished to buy out their joint venture partner, and expand the facility, yet the lease did not provide enough cash to cover the debt needed. Enter CMAC’s Greg Warren who crafted a complex yet highly effective structure of loans, taxable bonds, and interest rate swaps to provide all the funds, with debt service that didn’t exceed the rental income paid by the hospital. In the process, the interest rate was lowered by nearly 1%, resulting in interest savings of over $1,000,000.