As practices grow in physician partners and expand in locations, the financing can often become fragmented. This ENT group’s success and steady growth led to six real estate loans for five properties with three different banks – all with different ownership groups. They wanted to create a simplified structure for new doctors to buy in and ultimately equalize ownership in the real estate. Negative swap values and low appraisals presented challenges along the way, but CMAC was pleased to improve the real estate debt and create a more sustainable ownership structure.