Medical Office Joins Finance Fray
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The fully leased medical office building is located in Presidio Heights.
SAN FRANCISCO—As continued activity surrounds the multifamily segment in terms of development and investor interest, medical office is getting capital attention as well. As of late, two $15 million-plus properties in two hot markets were financed. The first, an 80,022 square-foot medical office building located at 3838 California St.received acquisition financing of $20.5 million and the second, a mixed-use property consisting of 90 luxury apartments over ground floor commercial space located at 301 First St. in Petaluma, CA, also received acquisition financing to the tune of $16 million.
The medical office building transaction was structured with a 10-year term with a two-year interest only period and 30-year amortization schedule. The multi-family transaction was structured with a seven-year interest-only term. Dennis Williams, senior vice president/managing director of NorthMarq Capital, secured the financing for both properties. NorthMarq arranged financing for the borrowers of both properties through its correspondent relationship with a life insurance company…
