Black Bear Capital Partners ("BBCP") and Brandon Harris have successfully secured a $3 million refinance loan for a medical office located in Plainview.
700 Old Country Road
$3,000,000
$91/SF
Building Size
32,898 SF
Asset Type
Office
Closing
Apr 28, 2025
AI
The medical office property located at 700 Old Country Road in Plainview encompasses a total space of 32,898 square feet. This asset was recently refinanced for a loan amount of $3,000,000 through East West Bank, utilizing a 7-year floating rate loan with a 30-year amortization schedule, no prepayment penalty, and future fixed rate SWAP optionality.
Summary of transaction details:
- Property Type: Medical Office
- Transaction Amount: $3,000,000
- Lender: East West Bank
- Broker: Brandon Harris - Black Bear Capital Partners
- Loan Type: Refinance
- Loan Terms: 7-year floating rate loan, 30-year amortization, no prepayment penalty, future fixed rate SWAP optionality
Brandon Harris represented Black Bear Capital Partners in this refinancing transaction, facilitating the loan process with East West Bank for the medical office property. His expertise played a crucial role in securing favorable loan terms for the asset.
Plainview Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.29%
Cash-on-Cash
-1.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93