Will James seals two transactions totaling $6.9 million with regional lenders, marking the fourth collaboration in 15 months with the Atlanta office
ATLANTA, GEORGIA (September 3, 2019) – Will James, vice president of NorthMarq’s Atlanta office over the last 60 days completed acquisition financings totaling $6.9 million for two medical office properties in Wilmington, North Carolina. Over the last 15 months, total senior loan financings equal $21,800,000.
Financing Details:
- NorthMarq arranged financing for the borrower, Healthcare Realty Solutions, through its relationship with two regional banks.
- The transactions were structured with a 5-year interest-only term.
- The Shipyard MOB purchase by Healthcare Realty Solutions marks the 4th acquisition loan closing in 15 months facilitated by NorthMarq's Atlanta office.
- The non-recourse loans ranged in size from $3,400,000 to $9,400,000. The client's expertise in the medical real estate space along with their investor base has attracted very competitive lender relationships.
- The most recent loan closing occurred in just under 45 days from initial lender contact.
Property Details:
- Shipyard Medical Office Building: The property, located at 2150 Shipyard, Wilmington, NC (17,000 sq. ft.) received acquisition financing via United Community Bank of $3.5 million.
- 1725 New Hanover Medical Park: The property, located at 1725 New Hanover Medical Park Dr, Wilmington, NC (19,000 sq. ft.) received acquisition financing via First TN of $3.4 million.
Producer Quote:
“Not all lenders understand Medical Office, because most medical office valuations are 25 percent to as much as 50 percent higher than typical multi-tenant non-medical office buildings. Understanding not only the medical tenant's credit, but also the use of the building are important factors in determining the future occupancy of any MOB. Not all lenders focus on the credit and use of an MOB, but a select few either have a lending practice devoted to medical or they are local and the understand the hospital system’s importance and presence in the market.”
- Will James