September 13, 2017
Berkadia secured $29 million in permanent refinancing of San Diego’s Pinnacle Medical Office, a primary care office in Scripps Ranch. The 10-year fixed rate loan is interest-only for the full term, and features a 4.3% fixed interest rate.
Located at 10670-10672 Wexford St., the facility provides services including primary care, wellness exams, treadmill stress testing, annual physicals, DOT examinations, sports and camp physicals, full laboratory testing, vaccinations, and pre-operative clearance.
Berkadia’s Jackson Cloak represented the borrower, LP Scripps Lot 1 LLC, through Wells Fargo. Cloak says, “This property was ripe for refinancing due to long term tenants, continued high occupancy, high barriers to entry and the borrower’s long term ownership goals.”
For comments, questions or concerns, please contact Dennis Kaiser