Cohen Financial, a national real estate capital services firm, announced that Brandon Harrington, Cohen Financial Director in the Phoenix office, secured $14.35M in acquisition financing for the Lifeprint Health Center, a Class A medical property at 20414 N. 27th Ave. in Phoenix.
Lifeprint, a primary care, multi-specialty clinic owned by United Healthcare, occupies approximately 50% of the building, which is 98% occupied.
Harrington originated the fixed-rate, 10-year term loan. The borrower is Vancouver-based private investor Talia Jevan Properties. The lender is Redwood Trust, Inc., a residential and commercial mortgage finance company. The transaction closed on June 11.
“We closed the transaction in 30 days due to our management of the underwriting and legal process, which is critical in a volatile interest rate environment. In addition, we were able to mitigate rollover risk with our correspondent lender to maximize proceeds,” Harrington said.
Lifeprint Health Center is an 81,875 SF, 5-story office property at the intersection of I-17 and West Loop 101. The property also includes a 4½-story parking garage with 300+ spaces.