HFF announces financing totaling $14.5 million for 101 Gateway and Paradise Valley Professional, two medical office properties in Phoenix, Arizona.
The HFF team worked on behalf of the borrower, Cypress West Partners, to secure two floating-rate acquisition loans through CIT Group Inc.’s Healthcare Finance unit. A $6.7 million, 36-month loan was arranged for 101 Gateway, and a $7.8 million, 60-month loan was secured for Paradise Valley Professional.
101 Gateway is located in west Phoenix near the Loop 101 and Interstate 10 interchange. This location is close to the Banner Estrella Medical Center, which is a full-service medical campus with a 317-bed hospital. The 50,040-square-foot, Class A, value-add property is 57 percent leased and offers large flexible floor plates and an abundant parking ratio of nine spaces per 1,000 square feet.
Paradise Valley Professional is a 57,964-square-foot, nine-building medical office campus adjacent to the Abrazo Scottsdale Hospital Campus. The property is 85 percent leased and was most recently renovated in 2016. The 5.62-acre site is located at 16620 N 40th Street, which is situated immediately off of the State Route 52 Freeway near the affluent Scottsdale and Paradise Valley communities.
“HFF again made the market and produced debt terms that exceeded our initial underwriting,” said Chris Cumella, founder of Cypress West Partners.
The HFF debt placement team representing the borrower included senior managing director Aldon Cole and analyst Taylor Bergthold.
Holliday GP Corp. (“HFF”) is a commercial mortgage broker licensed with the Arizona Department of Financial Institutions, License Number CMB 0938500 and NMLS Number 1524298.
