Bellingham, Washington — The Sage Creek Group, a boutique commercial mortgage brokerage secured $5,400,000 in permanent financing for the DaVita Kidney Center located at 410 Birchwood Ave. in Bellingham. The loan was sized to 75% of value with a 5-year fixed rate.
Tim Van Valin, managing director of Sage Creek said, “Over eighty percent of the building is occupied by one credit tenant. As a result, most lenders viewed the subject property as a single-tenant building and underwrote to a higher stress test than they would a standard multi-tenant medical office building thus cutting loan proceeds. The selected capital provider had none of these constraints and was able to provide a full leverage loan. As a result, the loan provided a considerable return of equity to the sponsor. The index the interest rate was tied to dropped considerably at closing and the lender adjusted the rate accordingly.”
The Sage Creek Group is a boutique commercial real estate advisory firm with a proven track record of sourcing both traditional and non-bank debt for any commercial loan scenario. SCG provides its clients with fast and reliable access to capital through a large suite of conventional, institutional, and non-bank financing products with industry-leading pricing and terms. www.Sagecreekgroup.com