Florida Medical Office Complex Lands Financing

The CMBS loan secured by Tremont Realty Capital represents 75 percent of the property's appraised value.
Jacksonville Medical Plaza

Jacksonville Medical Plaza

Jacksonville, Fla.—The Hartford office of Tremont Realty Capital, a division of The RMR Group LLC, has secured an approximately $16.3 million refinancing loan for Jacksonville Medical Plaza in Jacksonville, Fla. Located at 3901 University Blvd. South, the 1974-built, 132,488-square-foot medical office complex offers three, one-story buildings and 433 parking spaces, according to Yardi Matrix.

The non-recourse, CMBS financing represented 75 percent of the property’s appraised value and has a 10-year fixed annual interest rate of 5.26 percent and a 30-year amortization schedule.

“Through our extensive network, we identified a capital provider that understood Jacksonville Medical Plaza’s situation—with its complex borrower structure and existing ground lease—and structured a long-term loan with a long fixed interest rate period to refinance the property’s maturing bank debt,” Stephen Henderson, director of Capital Markets for Tremont, said in prepared remarks. “The financing transaction underscores Tremont Realty Capital’s position at the nexus between borrowers and lenders, providing well executed and timely solutions across a range of property types, funding scenarios and geographies.”

Image courtesy of Yardi Matrix