DENVER – PRNewswire – Gershman Mortgage recently arranged and closed a financing structure for a medical office building at 36 Steele St. in Cherry Creek, bringing together two prominent plastic surgeons into a single, well-appointed space. It was the second leg of a previously closed purchase and renovation of the space completed in 2016. The new financing facility provided just over $6.5 million of combined permanent fixed-rate debt.
Michael Thomas Vice President of Gershman Mortgage said, “The appreciation of medical office space in desirable and constrained districts such as Cherry Creek continues to appreciate rapidly in the Denver market. We were able to leverage the existing practices strength to boost the combined loan to value and provide higher permanent loan proceeds at an attractive rate and term.”
“I was tremendously impressed by Michael’s ability to create the lending package that made the initial purchase of the building possible, and moreover, to continue to capitalize on the growth of the property’s value,” said Dr. Jack Zamora.
Dr. Jason Martin added, “Working with Michael at Gershman Mortgage facilitated bringing together two cosmetic surgery practices under one convenient location in Cherry Creek.”
Gershman Mortgage is a mortgage bank and direct lender under both the FHA MAP (Multifamily Accelerated Processing) and LEAN (for healthcare projects) as well as the 242 program (for hospital finance) processing programs. As one of the largest originators of FHA insured multifamily loans in the nation, Gershman offers attractive financing options for new construction and substantial rehab projects as well as refinancing for existing property owners. Named one of the nation’s “Top Commercial Servicers” by Mortgage Servicing News, and a Ginnie Mae mega-servicer, Gershman services $1.5 billion in loans.
Image courtesy of Gershman Mortgage.