Home Commercial Bellingham Medical Office Secures $5.4MM Financing

Bellingham Medical Office Secures $5.4MM Financing

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.” 

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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