Newport Beach, Calif. and Tucson, Ariz. (July 23, 2018) – Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm, has provided $4.25 million in non-recourse bridge financing to Cypress West Partners (CWP) for its purchase of a 15,038 square-foot medical office building in Tucson, Arizona.
CWP, which owns or manages a portfolio of 2.4 million square feet of medical office properties in the Western U.S., successfully executed two 10-year leases for 100 percent of the building prior to closing.
“By securing long-term leases for full occupancy prior to the close, CWP created substantial value for the project,” said Joseph Maehler, senior vice president, Buchanan Street Partners.
The building is 50 percent leased to one of the nation’s leading operators of general acute hospitals, which has 119 hospitals in 20 states. A regional pain management clinic operator will occupy the balance of the building.
“Based upon CWP’s leasing success, we were able to provide a high leverage acquisition loan that limited the borrower’s equity and closed in two weeks,” added Maehler.
Buchanan Street provides first mortgage capital and structured financing for high quality commercial and multifamily properties. The company’s debt lending platform focuses on construction and bridge loans in the $3-$30 million range. Buchanan’s flat entrepreneurial structure allows it to provide creative financing solutions that borrowers can depend on to close quickly.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested more than $6.5 billion in real estate debt and equity investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to identify opportunities and maximize value while prioritizing capital preservation. www.www.buchananstreet.com.
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