The move "was very attractive to the borrower, given the current interest rate environment," says Robert M. Keating, SVP and managing director of the Red Bank, NJ loan origination office of lender GMACCM. Keating arranged the transaction. While declining to reveal the rate or terms, he adds, "we were most impressed with the successful track record of the real estate projects developed by Rendina ... (and) are pleased to be part of such a dynamic refinancing project."

Meanwhile, Merrill Lynch Capital provided an additional $34 million in loan refinancing. This funding covers three more medical properties in Rendina's portfolio. Without disclosing terms, Bruce Kimmelman, Merrill Lynch's loan officer, says, "We were happy to provide financing which helps Rendina Cos. manage its real estate needs."

The 20-property portfolio in five states encompasses 12 facilities in Florida, three in California, three in Texas, and one each in Arizona and New Jersey. Rendina arranges funding for medical office buildings and is responsible for overall project management of hospital and physician tenants while also providing them with ownership participation. As a result, the tenants have no mortgage liability or up-front cash investment. It has a second headquarters in La Jolla, CA.