Portfolio

The Oregon Clinic – Gastroenterology South

Project Details


Project Type:
New Construction Financing
Amount:
$ 6,600,000
State:
Oregon
This group completed a two-part closing, first completing a building purchase and then closing a construction loan. The current tenant of the building requested an extension, causing a delay in the construction loan closing. Despite an initial low appraisal, CMAC was able to negotiate with the bank to lower the equity needed for the project by getting a high loan-to-cost (LTC) of 85% using a two-loan structure. The main loan closed at 16-months interest-only followed by a 10-year term and 25-year amortization. The second loan has the same interest-only period and term with a 10-year amortization.

"At the start of this process, I had the mistaken impression that our main reason for engaging your services was to secure a more favorable interest rate. While the interest rate is important, I now understand and appreciate all of the additional value you and your team have provided. Thanks for your hard work and diligence. Yes we are excited to move on to the next phase and we are grateful for all of your help in getting us here. We really couldn’t have done it without you."
Dr. Brian Applebaum, Physician Owner and Managing Partner

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