Englewood Medical Office Property Refinanced for $45.2M
A fund sponsored by CBRE Investment Management closed on a $45.2 million mortgage loan for the refinancing of the Synergy Medical Center on the Swedish Medical Canter campus. The floating-rate loan has an initial term of three years and can extend for up to two years.
Synergy Medical Center is a newly constructed, Class A, 104,000-square-foot medical office building located at 500 East Hampden Avenue in Englewood. The five-story building features up to 17-foot ceiling heights, covered patient drop-off/pick-up, valet parking and 300 garage parking spaces, floor-to-ceiling windows, both city and mountain views, and ground floor retail.
“The medical office sector has proven to be resilient during the pandemic as the critical work of medical practitioners often requires an in-office presence. We believe that lending on this state-of-the-art property will have a positive, long-term upside for our investors given the demand for available, high-quality, on-campus medical office space in the Denver area and the continued need for in-person medical treatments,” said Michelle Liu, managing director for CBRE Investment Management.
Ramsey Daya of Newmark arranged the loan on behalf of the sponsor.
The Synergy Medical Center is well-located on the Swedish Medical Center campus and is the first medical building to be built on the campus in over 30 years. The four other on-campus buildings are nearly fully occupied demonstrating a strong demand for additional medical office space. The property also benefits from access to U.S. Highways 285 and 85, providing convenient access to the business hub of Downtown Denver.