AUSTIN, Texas – March 30, 2015 – CBRE Capital Markets Debt & Structured Finance group arranged $16,048,800 in acquisition financing for Southwest Medical Village, a 100 percent occupied Class A medical office building in Austin, Texas.
Working on behalf of an undisclosed borrower, CBRE Capital Markets secured a 10-year loan with a sub-3.5 percent fixed interest rate, with eight years of interest-only payments at a 60 percent loan-to-value ratio. The loan was originated through the CBRE Capital Markets relationship with PNC Bank, National Association.
“The long-term fixed rate with eight years of interest-only payments allows the borrower to maximize returns while adding another Class A medical office building to their portfolio,” said Murray Kornberg, Senior Vice President with CBRE Capital Markets.
Completed in January 2014, the fully leased asset has approximately 70,000 square feet of medical office space and offers above code parking with a generous parking ratio of 5.1 per 1,000 net rentable square feet. The property, at 5625 Eiger Road, is anchored by Premier Family Physicians, an independent, physician-owned family medicine practice, and also includes 18 other specialty practices. Located in Austin’s premiere Southwest submarket, the property is positioned in the city’s primary growth corridor with the most desirable residential neighborhoods and highest income demographics.
Mr. Kornberg, Doug Seylar, Scott Larson and Ben Bastian, of CBRE’s Debt & Structured Finance team in Minneapolis, partnered with Greg Greene, Scott Lewis, and Taylor Pearce, of CBRE’s Debt & Structured Finance team in Dallas, to source the acquisition loan for the borrower.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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