This Pacific Northwest group recently closed on the financing for a two-phase medical real estate project. The group first needed to refinance the existing land loan which was floating at a very high rate before it could move forward with its planned MOB construction project. CMAC assisted the group to secure a low rate, ultimately closing the land loan with a two-year interest-only period followed by a three-year term and 10-year amortization.

Once the group received city approval to initiate the second phase of this project, CMAC assisted in securing the financing for the new build, negotiating a superior internally fixed-rate for the group with a lenient prepayment penalty and the option to float down if the Fed cuts rates.

Despite challenges with the appraisal, the group ultimately closed on 100% financing from the chosen lender in addition to a practice loan that bridged the equity gap, eliminating the need for the doctors to pay cash out of pocket for construction.