On behalf of Bayport PV Associated LP, JLL’s Capital Markets completed a $10.5 million refinancing for the Paradise Valley Medical Plaza.

Principal Real Estate Investors provided the 10-year, fixed-rate loan for the fully occupied medical office plaza, located in Paradise Valley, Arizona.

JLL was able to rate lock in September with an interest rate of 3.62 percent. Managing Director Brian Halpern and Senior Associate Alex Kane led the JLL team on the deal.

Located on the North Scottsdale Road, Paradise Valley Medical Plaza is comprised of eight single-story medical office buildings leased to 16 tenants and anchored by an outpatient surgery center.

The property is also close to two hospitals, the Scottsdale Shea Medical Center and Scottsdale Osborn Medical Center.