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N Hiatus Rd, Pembroke Pines...

Bank United Provides $21.88M Loan For Medical Office On N Hiatus Rd, Pembroke Pines
FINANCEDMedical Office

Bank United Provides $21.88M Loan For Medical Office On N Hiatus Rd, Pembroke Pines

N Hiatus Rd, Pembroke Pines, FL, 33026

$21,880,000

Building Size

Asset Type

Medical Office

Closing

Nov 20, 2023

AI

The Pines Medical Professional Centre, a 91,956-square-foot medical office complex located at 400 – 700 N. Hiatus Road in Pembroke Pines, has secured $21,884,000 in refinancing. The property consists of four two-story office buildings built between 2000 and 2002 and is 97% occupied by various medical providers and services, including physicians, dentists, radiologists, and urologists.

Summary of transaction details:

  • Property Type: Medical Office
  • Transaction Amount: $21,880,000.00
  • Asset Type: Medical Office
  • Borrower's Rep: Mackenzie Fry Lampman
  • Lender: Bank United
  • Market: Hollywood

Paul Ahmed and Mackenzie Lampman from CBRE Capital Markets assisted the borrower, a private investor, in arranging a seven-year fixed-rate loan from Bank United. Since the property purchase in late 2016, the borrower has attracted high-quality medical tenants, increasing the property's value. The borrower, a long-term client, utilized the refinancing to pay off the existing mortgage and fund further property enhancements.

Players

Mackenzie Fry Lampman

Broker

$28.9M

vol

3 deals

Broker
Bank United
Bank UnitedLender

Hollywood Medical Office Market Snapshot

Boundary boundary · Medical Office · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.73%

Cash-on-Cash

-0.21%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93