Financing Amount:
Sun City arizona
Capital Source:
Transaction Details:

Tower Capital recently facilitated a $2,500,000 refinance for 9849 W Thunderbird Rd; a +8,891 square foot single-tenant freestanding medical office building situated in the heart of Sun City’s medical business park, anchored by the Banner Health Boswell Hospital. The project is situated extremely close proximity to an abundant mix of restaurant, retail, health and wellness, and daily-need amenities within a short walk or drive.

The property was originally acquired by a subsidiary of Barnet-Dulaney-Perkins (BDP), a wholly-owned portfolio company of private-equity backed American Vision Partners (AVP), for the establishment of a new, licensed optometry surgery center. Upon completion of the building’s renovation and issuance of the licensing granting the property as an official surgery center, AVP exercised a 10-year triple-net (NNN) sale-leaseback and the property was acquired the borrower.

Tower was able to source a local bank that could offer an extremely low fixed rate and lend to an out-of-state borrower, allowing the borrower to recoup equity from a deal they had owned for less than 12-months. The borrower’s new debt will allow them to achieve superior returns and take advantage of a newly renovated property occupied by a tenant on a long-term lease backed by a corporate guarantee from HIG Capital, a global private equity firm with $44B AUM.

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