Financing Highlights for a Medical Office Acquisition
Eastern Union, a prominent player in the commercial real estate mortgage brokerage industry, has successfully arranged a loan of $33.84 million. This financing is aimed at supporting the purchase of a substantial four-story medical office building measuring 144,263 square feet. This significant transaction underscores Eastern Union's role in facilitating vital commercial property acquisitions.
Details of the Property Purchase
The medical office building, strategically located at an intersection in a bustling neighborhood, presents an excellent investment opportunity. While the net rentable area stands at 144,263 square feet, the total gross square footage reaches 147,520 square feet, adding notable value to this property. This property acquisition significantly enhances the offerings in the healthcare infrastructure of the area.
Expert Team Behind the Deal
The deal was spearheaded by seasoned loan consultants Alex Jaffa and Ben Halpern, both of whom are known for their deep expertise in navigating complex financing situations. Their commitment to client service and thorough understanding of the market dynamics played a crucial role in the successful closure of this transaction.
Financing Terms and Sale Price
This property was acquired for a total sale price of $42.3 million. The financing secured represents an 80% loan-to-value ratio, structured upon favorable loan terms. The mortgage includes stepdown prepayment penalties and a competitive interest rate of 5.55% for a five-year term. The financing clearly indicates a strong confidence in the value of the medical office sector and the investor's future plans.
Significance of This Acquisition
The acquisition not only supports the immediate needs of the healthcare providers established in this building but also opens doors for future growth opportunities. Mr. Jaffa stated that this successful financing arrangement allows Eastern Union's client to unlock potential expansion avenues. By leveraging personalized service and market insight, Eastern Union continues to exceed clients' expectations.
Details on the Property Structure
Constructed with a reinforced concrete frame, the medical office building is equipped with fixed casement windows and has undergone a complete renovation as of 2010. The property spans a .83-acre parcel of land and includes an ancillary lot that provides parking space for 25 vehicles. These features not only enhance functionality but also aesthetics, making it a conducive environment for healthcare services.
About Eastern Union
Established in 2001, Eastern Union has emerged as a leader in the national commercial real estate market. With a highly skilled team of over 90 professionals, the firm successfully closes billions of dollars' worth of transactions each year. By leveraging its extensive relationships with lenders and its in-depth marketplace knowledge, Eastern Union ensures clients receive optimal financing options.
Scope of Services by Eastern Union
The firm is dedicated to securing financing for a broad spectrum of transactions across various sectors. Whether dealing with multi-state portfolios or single-site properties, Eastern Union is well-equipped to handle conventional commercial mortgages, specialized debt structures, and a range of property types including multifamily, office, retail, healthcare, hospitality, and self-storage sectors. Their affiliate, Eastern Equity Advisors, further supports equity placement opportunities for clients.
Media Contact Information
For further inquiries or more detailed information regarding this transaction or about Eastern Union's services, please contact Media Relations. Steve Vitoff, representing Eastern Union, can be reached via email or phone: 516-652-0785.
Frequently Asked Questions
1. What was the amount financed by Eastern Union for the medical office acquisition?
Eastern Union secured a loan of $33.84 million for this acquisition.
2. What was the purchase price of the medical office building?
The total sale price for the property was $42.3 million.
3. Who were the main consultants involved in the financing?
Alex Jaffa and Ben Halpern were the senior loan consultants leading the transaction.
4. What is the significance of this acquisition for Eastern Union?
This acquisition showcases Eastern Union's ability to provide substantial financing solutions that foster growth opportunities for their clients.
5. When was the medical office building renovated?
The property underwent a complete renovation in 2010, improving its structure and appeal.
