SoCal MOB Lands $25M Loan
- Nov 09, 2017
Keystone Mortgage Corporation—a commercial real estate financing company founded back in 1957—has secured a $24.5 million construction-to-permanent financing for a medical office. Having a single tenant, this 39,000-square-foot property is located in Southern California’s Inland Empire.
The Keystone team, led by Vice President James Ruiz, worked on behalf of a local developer to secure a 98 percent loan-to-cost, fixed-rate construction loan that will convert into a 10-year, non-recourse loan. The financing was procured through an institutional pension fund and will be serviced by Keystone. The loan accommodated the tenant’s purchase option and waived the prepayment fee should the tenant exercise its option. The company implemented a maximum leverage financing option with a fixed rate and term conversion.
“Keystone’s bread and butter is providing life insurance company financing. That includes construction, construction-to-perm, mezzanine, bridge and JV equity financing. When our clients have specific needs, we deliver,” Ruiz said in prepared remarks.