Permanent Loan - Acquisition$4,040,000
44,989 sf Medical Office Building
White Marsh, MD
Axiom Capital Corporation has arranged $4,040,000 in acquisition financing for a medical office building in White Marsh, MD. The non-recourse floating rate interest only loan was closed for a period of years with two one year options. The loan demonstrated a 64% Loan to Value and a 1.68x Debt Service Coverage.
The 44,989 SF medical office building, built in 1987, was leased at the time of closing to a diverse group of medical tenants with lengthy tenure in the building. Nationally recognized American Red Cross (5,174 SF, 12% of the space) has been located in the building since 1996. Other tenants include diagnostic service firms LabCorp & Quest Diagnostics, as well as practitioners in: pediatrics, psychiatry, periodontics, physical therapy, podiatry, obstetrics and cosmetic dentistry.
The subject property is located in the master planned community of White Marsh Town Center, just off of Interstate 95, at the intersection of Honeygo Boulevard and Sandpiper Circle. Honeygo Boulevard is the main retail thoroughfare bisecting the White Marsh community. White Marsh Mall (anchored by Macy’s, Sports Authority, Sears and JC Penny) and IKEA lie to the north and The Avenue at White Marsh (anchored by AMC Theaters, Staples and Old Navy) is situated to the south. The property is only two miles from Medstar’s Franklin Square Hospital, which has limited space for medical practices and is consistently 100% leased.