$11,000,000
Refinance
Transaction Overview
A three-story, medical office building containing approximately 66,464 ± Rentable SF situated on a 0.68 ± Acre master parcel subject to a 99-year prepaid Ground Lease. The subject is located on the campus of Baptist Bethesda West Hospital. At closing, the subject property was 90% leased and occupied by thirteen (13) tenants including local, regional, and national healthcare tenants.
Compass Role
Compass assisted BW MOB by negotiating superior loan terms which accomplished all of the following (i) gave the client the flexibility to float or SWAP their interest rate at any time in the first eighteen (18) months at an extremely competitive spread over SOFR, (ii) recast the debt for a new 10-year term based on a 30-year amortization schedule, (iii) successfully terminated the existing SWAP returning the premium to the client, (iv) successfully negotiated the assignment of the existing loan documents saving the client over $50,000 in closing costs, and (v) advanced new monies to satisfy existing shareholder debts and loan closing costs.