January 29, 2019
Madison Realty Capital (MRC) recently closed a $28-million first mortgage loan for a 191,676-square-foot, Class A medical office building in The Heights neighborhood of Houston.
The borrower, a joint venture of two Houston-based medical office development firms, used a portion of the loan proceeds to refinance previous debt. The remainder will be utilized for building renovations and tenant improvements.
“We continue to seek quality loan opportunities through our national platform, and this transaction is a great example,” said Josh Zegen, co-founder and managing principal of New York City-based MRC. “We believe there is considerable demand for medical office space both nationally and in the local submarket, and we’re pleased to deliver financing in support of the borrower’s business plan for the asset.”
The property, located at 1917 Ashland St., is currently 95% leased to medical tenants, including St. Joseph Medical Center and CuraHealth.
For comments, questions or concerns, please contact Paul Bubny