CBRE Secures $16.1 Million Bridge Loan for 56K SF Medical Office Building in Sugar Land, Texas
06 2 2020
Houston – CBRE Capital Markets Debt & Structured Finance has secured $16.1 million in bridge financing for Sugar Land Physicians Center, a 56,063-square-foot medical office building located at 7616 Branford Place in Sugar Land, Texas.
Dana Summers, Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell and Jim Korinek of CBRE arranged the loan on behalf of the borrower, American Commercial Contractors, LLC. Money360 provided the three-year loan with flexible prepayment options.
“The borrower needed to refinance a bridge loan that was coming due, but the property was not in a position for a permanent loan,” said CBRE’s Summers. “Although occupancy history and stabilization of the property were in flux, our team was able to secure an interim capital solution that would bridge the borrower for a short-term period until permanent financing is placed. The execution and outcome were a perfect fit for the borrower.”
Built in 2014, the three-story building features Class A medical and office space and a dedicated parking garage. The property is in an affluent area and close to several hospitals, including CHI/St. Luke’s, Methodist and Memorial Hermann.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.