{"id":1004294282,"date":"2019-01-25T01:02:02","date_gmt":"2019-01-25T09:02:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004294282"},"modified":"2019-01-28T12:31:11","modified_gmt":"2019-01-28T20:31:11","slug":"madison-realty-capital-secures-28m-loan-for-texas-mob","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/madison-realty-capital-secures-28m-loan-for-texas-mob\/","title":{"rendered":"Houston MOB Gets $28M in Financing"},"content":{"rendered":"
\"1917<\/a>

1917 Ashland St.<\/p><\/div>\n

A joint venture of two Houston-based medical office development firms has received $28 million in financing for a 191,676-square-foot, Class A medical office building in Houston\u2019s Heights neighborhood.<\/p>\n

Madison Realty Capital (MRC) provided the first mortgage loan, which will partly be used to renovate the property. Collateral for the loan includes the main building as well as three nearby parcels used as parking for doctors, staff and patients.<\/p>\n

In 2017, medical office development firm AMD Global acquired and renovated the six-story asset<\/a>, allowing for an expanded tenant roster and additional services at the property.  <\/p>\n

\u201cOur analysis showed medical office as a bright spot in the Houston office market, also evidenced by other institutional investors closing medical deals there recently,\u201d <\/em>Josh Zegen, MRC\u2019s co-founder & managing principal, told Commercial Property Executive. \u201cWithin the medical realm, there\u2019s a particular demand for outpatient facilities and medical offices outside the traditional hospital campus and this property checks those boxes.\u201d<\/em><\/p>\n

Located at 1917 Ashland St., the asset is currently 95 percent leased to a tenant roster that includes CuraHealth and St. Joseph Medical Center.<\/p>\n

Houston\u2019s oldest planned community<\/h2>\n

The Heights, which was Houston\u2019s first master-planned community, is known for its numerous commercial amenities. The historic section has long been a favorite among both residents and visitors, due to its eclectic boutiques, antiques shops and the popular First Saturday Arts Market.<\/p>\n

According to Cushman & Wakefield\u2019s latest Houston report, the office market in the area showed rising improvement, with an increase in leasing activity, a lower availability rate and a dip in total sublease space.<\/p>\n

In May, MRC secured a $35 million first-mortgage loan<\/a> for the redevelopment and expansion of the currently vacant building at 90-75 Sutphin Blvd. in Queens, New York. <\/p>\n

Image courtesy of Madison Realty Capital<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Part of the refinancing will be used to revamp the roughly 192,000-square-foot building in The Heights neighborhood. Tenants include CuraHealth and St. Joseph Medical Center. <\/p>\n","protected":false},"author":451,"featured_media":1004294288,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1589,21742,21747],"tags":[37047,33241,36278],"class_list":["post-1004294282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-houston","category-latest","category-office","tag-josh-zegen","tag-madison-realty-capital","tag-medical-office-building"],"acf":[],"yoast_head":"\nHouston MOB Gets $28M in Financing - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/madison-realty-capital-secures-28m-loan-for-texas-mob\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Houston MOB Gets $28M in Financing\" \/>\n<meta property=\"og:description\" content=\"Part of the refinancing will be used to revamp the roughly 192,000-square-foot building in The Heights neighborhood. 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