Southern Florida Portfolio
$26,000,000 Medical Office Loan from Debt Fund
David Hamilton, Principal in our San Diego office, closed a $26,000,000 loan secured by two medical office buildings in Southern Florida. The financing was arranged on behalf of Hamilton’s borrowers, George Scopetta of Medicus Property Group and Martis Capital Management, and funded by one of PSRS’ relationship debt funds based out of San Francisco.
The non-recourse loan had a floating interest rate and a flexible pre-payment structure which will allow for financing of capital expenditures and tenant improvements to enhance the aesthetics of the building and increase occupancy. The big part of the business plan that makes it an attractive acquisition for the client is that the client also operates ShareMD, a shared medical workspace platform providing shared, fully equipped medical offices for doctors looking to acquire short-term or long-term rental options.
David Hamilton has worked along with Medicus Property Group as their exclusive financing agent since early 2016, financing over ten loan facilities in that time. Hamilton discussed how he fostered the relationship by stating, “Success in mortgage banking comes slowly and requires patience and achievement in this industry requires constant tinkering with ones’ business development strategy. In the case of Medicus, my initial focus was simply to provide value and establish trust, allowing the relationship to grow stronger over time.”
Medicus Property Group initially burst onto the scene with their 2013 acquisition of The Garden View Professional Center in Encinitas, California. Since that time, the group has added an additional nine buildings to the portfolio, accumulating a total square footage that now exceeds 300,000 square feet. Medicus came to an equity partnership with Martis Capital and as owners of several other medical practices including OasisMD and Image Spa, they can occupy available space in their buildings and drive the value for the real estate.