Magruder Laser Vision

Project Details

Project Type:
New Construction
2023 - This long-standing client returned to CMAC for guidance in financing the construction of a new 10,000 sq ft medical office building and ambulatory surgery center. This two-part project was initiated with the purchase of a semi-developed land parcel, which prohibited the group from acquiring an appraisal by its incumbent lender.

With CMAC’s engagement, the RFP process curated a competitive selection of financing options leading the group to swiftly pivot to an alternative lender that could do the appraisal and complete the purchase quickly. Throughout the second phase, CMAC kept the construction loan process moving as the client finalized plans and budget, closing with an interest-only period of 18 months. This new build is set to be completed in summer 2024.

2021 - Magruder Laser Vision and Orlando Aesthetic Institute aimed to refinance the debt on their shared owner-occupied MOB and ASC property in this competitive rate environment. The physician-owners turned to CMAC once again for our ability to quickly and comprehensively vet the market. CMAC ultimately sent an RFP out to over 30 banks, receiving nearly 20 different term sheets. With the objective of pulling the maximum cash out, the loan closed at 90% loan-to-value with a low-interest rate and a 10-year term.

2013 - CMAC was hired by the doctor-owners of this medical property (which included both Magruder Laser Vision & Orlando Aesthetic Institute) to take advantage of a competitive rate environment and extend the loan term. Even though the bank-ordered appraised value was lower than expected, CMAC was able to arrange a debt stack with the final loan-to-value of ~96%. The main note was fixed at a low rate for 15 years.