CBRE Capital Markets | Healthcare
CBRE U.S. Healthcare Capital Markets is pleased to announce the placement of debt for St. Mary’s Medical Pavilion (the “Project”), located in Tucson, Arizona. Sabrina Solomiany, Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger acted as the exclusive advisors to Pacific Medical Buildings (PMB).
CBRE U.S. Healthcare Capital Markets secured construction financing with the option to convert to permanent debt at completion. Floating rate loans were available with interest only at an aggressive spread for the construction and permanent debt. The borrower was able to capitalize on an aggressive market with significant interest from lenders.
St. Mary’s Medical Pavilion is a two-story, ±54,456-rentable square foot medical office building currently under construction on the campus of the 400-bed Carondelet St. Mary’s Hospital. Construction commenced on September 9, 2019 with an estimated completion in the third quarter of 2020. The Project is currently 68% pre-leased to five tenants – Carondelet Medical Group (±23,000 RSF), (MHC) Marana Health (±4,600 RSF), The Oncology Institute of Hope & Innovation (±4,700 RSF), Sonora Quest Labs (±2,800 RSF) and Grossman & Grossman (±1,800 RSF).
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