The Orthopedics Division The physician-owners of the orthopedics division of Spectrum Healthcare Partners wanted to take advantage of the low interest rate environment and refinance the debt of their existing owner-occupied medical real estate. CMAC continued to provide support and analysis as the group experienced ongoing discussions regarding the guarantee structure after a higher-than-expected building appraisal. CMAC’s expertise allowed our team to assist in structuring the real estate and negotiating personal guarantees to ultimately create an optimal and agreeable solution for all current and retired physicians. The group also was able to take out roughly ~$8MM in cash out as part of the transaction.