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
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