Onicx Lands Refi for Miami MOB
The Onicx Group has received $20.7 million in refinancing for Mercy Medical Arts, a 104,238-square-foot medical office building in Miami. Lake Michigan Credit Union provided the loan, according to Miami-Dade County records. Berkadia Medical & Life Sciences represented the borrower.
Previous financing included a $20 million construction loan originated by Centennial Bank in 2015, CommercialEdge data shows.
The Class A property came online in 2017 and was 65 percent leased at the time of the current deal to a variety of medical office building tenants, including HCA Healthcare, Collaborative Women’s Care, Vizcaya Dental Arts and Greyledge Technologies.
READ ALSO: These Markets Top MOB Investment Activity
The five-story building features two passenger elevators, 26,405-square-foot floorplates and controlled access. The medical facility provides such services as OB/GYN, plastic surgery, dermatology and sports medicine.
Located at 3683 S. Miami Ave., the 31.7-acre property is within the campus of HCA Mercy Florida Hospital, having access to Interstate 95. Downtown Miami is less than 4 miles northeast. Other medical centers in the surrounding area include Miami General Medical Center, Luz Medical Center, Comprehensive Rehabilitation Center, Palm Medical Network and Coral Way Medical Group, among others.
The Berkadia team included Senior Managing Director Sabrina Solomiany, Vice President Mike Cerny and Analyst Chris Meyer.
Financing health-care assets
Despite the impact of high interest rates and inflation on all sectors of commercial real estate, medical office buildings are still on investors’ radar. The stable and long-term occupancy in health-care facilities, coupled with ongoing demand, enable financing opportunities.
Earlier this month, Turner Impact Capital’s Healthcare Facilities Fund received $29.1 million in financing for Chula Vista Medical Arts I, a 64,231-square-foot medical office building some 10 miles from downtown San Diego. Proceeds will go toward property improvement.
Another recent financing deal involved a future 200,000-square-foot outpatient center in Bethany, Okla. Bethany Children’s Health Center received $167 million from local financial institutions and MidFirst Bank for the development of this four-story facility.
The post Onicx Lands Refi for Miami MOB appeared first on Commercial Property Executive.
