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New York City-based Madison Realty Capital provided a $28M collateralized first mortgage loan for a 192K SF medical office building in The Heights. The borrower, two Houston-based medical office development firms, will use a portion of the loan to refinance previous debt and the remainder for building renovations and tenant improvements.
“We believe there is considerable demand for medical office space both nationally and in the local submarket, and we’re pleased to deliver financing in support of the borrower’s business plan for the asset,” MRC co-founder and Managing Principal Josh Zegen said in a release.
Situated at 1917 Ashland St., the asset is 95% leased to medical tenants, including St. Joseph Medical Center and Curahealth. The collateral for the loan includes three noncontiguous nearby land parcels that are used as parking for patients, doctors and staff.
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