Medical Foundation Offices Get $19M

LOS ANGELES-Pheasant West LLC has received $18.9 million to refinance a 200,000-square-foot office building located at 7974 UW Health Court in Middleton, WI, through a loan secured by Los Angeles-based real estate investment banking firm George Smith Partners. The University of Wisconsin Medical Foundation has been the property’s sole occupier since it was built in 2007.

The 10-year loan has an 8-year, fixed interest rate of 4.65% with a 20-year amortization. The borrower was able to secure the loan due to the presence of a single, long-term tenant. “A long-standing single-tenant provides steady income for a property owner through the life of a loan.  As a result, lenders feel more secure with regard to loan repayment,” says George Smith Partners VP Steve Stein.