Hunt Mortgage Group Facilitates the Acquisition of a Medical Office Property Located in Fort Myers, FloridaNew York, NY — March 24th, 2016
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has provided a loan in the amount of $3.48 million to facilitate the acquisition of a medical office property located in Fort Myers, Florida.
The borrower is Palisades Medical Properties LP, and affiliate of Woodside Health, LLC, whose principals have more than 25 years of real estate experience serving corporate, retail and real estate investment clients in portfolio management, financial advisory and transaction implementation services. The loan is structured as a 10-year term based on a 30-year amortization schedule with three-years of interest only.
Palisades Park Medical Office is a 43,200 square foot medical office building located at 6801-6831 Palisades Park Court. The property is a multi-building, multi-unit medical office project. Built 2001-2004, Palisades Park consists of four buildings that are each designed to accommodate up to six tenants per building.
“Palisades Park benefits from its close proximity to The Gulf Coast Medical Center, which is located less than a half mile to the east,” noted Dan Eibler, Director at Hunt Mortgage Group. “Gulf Coast Medical Center opened in March 2009 when Southwest Regional Hospital and Gulf Coast Hospital merged into a new state-of-the-art hospital.”
“The deal sponsors have a wealth of experience owning and managing medical office buildings across the country,” added Eibler. “The need for healthcare services continues to grow as baby boomers age and newly insured citizens seek expanded medical care, and demand in the local area is growing as well. We were pleased to close rapidly on this deal for a repeat Hunt Mortgage Group client. We closed this deal in a short 38 days from application, including Thanksgiving Break. We hope to partner with them in the near future on more transactions.”
The property is part of a mixed-planned unit development known as International Center, a well maintained office park, in an area that is developed with commercial, industrial, residential, institutional, and entertainment uses.
In additional to the Gulf Coast Medical Center, other local businesses include Century Link Sports Complex (home of the Minnesota Twins spring training baseball stadium), a neighborhood center (Publix anchored), South Ft Myers High School, and numerous retail strip centers.
Steven Shore of BlueMark Capital was the mortgage banker who arranged the financing with Hunt Mortgage Group.
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Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own Proprietary loan products. Since inception, the Company has structured more than $21 billion of loans and today maintains a servicing portfolio of more than $12.5 billion. Headquartered in New York City, Hunt Mortgage Group has 191 professionals in 23 locations throughout the United States.