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12/20/17
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Newmark® has arranged $13.265 mil in permanent financing for La Ronde Centre, a 110k sf medical office property in Sun City, AZ. The property, which also includes some retail space, was awarded the 2016 NAIOP Medical Redevelopment of the Year.
At present, the property has one surgery center in operation while another surgery center has signed a lease and will start their tenant improvements in the near future. La Ronde Centre is located just over a mile from Boswell Medical Hospital Campus.
Newmark’s Adam Parker arranged the loan, which includes a $920,000 TI/LC facility to be used to pay for obligations related to three new leases. The non-recourse loan, arranged through a regional bank, also includes flexibility to sell off a piece of collateral without triggering a prepayment penalty.
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