Signature Partners Refinances Denver MOB

CBRE has arranged the refinancing of Metro North Professional Plaza, a 91,273-square-foot building comprising medical and traditional office space in Northglenn, Colo. Signature Partners owns the metro Denver asset, according to Yardi Matrix information.

Alpine Bank provided a $14 million loan, Adams County public records show. The note is set to mature in 2030.

Signature had acquired the property in November 2017 for $13.4 million from Wheelhouse Commercial Management, according to Yardi Matrix. A $10.1 million loan from Bellco Credit Union financed that transaction.

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Completed in 1983 at 11990 Grant St., the five-story medical building underwent renovations in 2018. The facility has floorplates averaging 17,200 square feet and two passenger elevators, as well as 344 parking spaces.

At the time of the deal, the facility was 90 percent leased to 20 medical and traditional office tenants. Medical services include dermatology, pain management and primary care.

Metro North Professional Plaza is close to Interstate 25 and less than 2 miles from the city center. Downtown Denver is 14 miles south. Other medical providers in the area include Gastroenterology of the Rockies, Shine Orthodontics and Premier Spine & Pain Institute, but also HCA HealthOne.

CBRE Senior Vice Presidents Zack Holderman and Jeff Halsey, along with Vice President Jesse Greshin and Vice Chairman Brady O’Donnell, arranged the financing.

MOB sector still strong

Loan originations for medical outpatient facilities jumped 77 percent year-over-year in the second quarter, driven by growing investor activity in the medical office sector, according to a Mortgage Bankers Association report. Loan volume also climbed 90 percent from the previous quarter.

One of the notable deals of Q2 involved a 124,076-square-foot medical office building in Sacramento, Calif. The joint venture between RevOZ Capital and Argosy Real Estate Partners obtained a $34.1 million loan in a transaction arranged by JLL Capital Markets.