With an expansion project in their sites, Southern Oregon Orthopedics strategically pulled about $6MM in cash out from its existing location to fund an ambulatory surgery center construction. This allowed the owners to lock in a favorable 10-year rate on their existing debt and did not require them to come out of pocket for new construction. The debt was completely non-recourse to the individual owners and the negotiation of rates for the refinance and new construction occurred simultaneously. This closing was a two-phase closing, first refinancing an existing property where the group leveraged up to pull cash out for the down payment of a new construction project. The second closing secured financing for the single-story ASC.