Freedom Financial Funds Provides $5.9 Million Build-to-Suit Construction Loan for Single Tenant Medical Office in Jacksonville, FL
July 26, 2023
Freedom Financial Funds, a leading provider of commercial real estate financing solutions, is pleased to announce the successful closing of a $5.9 million build-to-suit construction loan for a single tenant medical office located in Jacksonville, Florida.
Build-to-Suit loan
$5.9M
Medical office, Jacksonville, FL
- Loan amount
- $5.9 million
- Purpose
- Build-to-suit construction of a single tenant medical office
- Term
- 15 months, with two 6-month extensions
- Leverage
- 80% loan-to-cost
- Pricing
- 11.49% plus 2 points
- Borrower
- A national retail and single tenant developer with a 37-year track record
The loan was made to an entity controlled by a national retail and single tenant developer with a 37-year track record of success. It was structured as a 15-month loan with two 6-month extensions. The borrower chose Freedom Financial Funds (“Freedom”) due to their outstanding reputation and competitive terms and conditions.
Prior to working with Freedom, the borrower was experiencing challenges with their previous lender, particularly with obtaining timely disbursements. After extensive due diligence and a productive meeting with the Freedom team, the borrower was impressed by the professionalism, efficiency, and competitive offerings presented by Freedom.
Freedom Financial Funds provided the borrower with 80% loan-to-cost (LTC) financing, ensuring sufficient funds to cover the construction costs of the single tenant medical office. The loan terms included pricing of 11.49% plus 2 points.
“We are thrilled to have provided the financing solution for this build-to-suit construction project in Jacksonville. At Freedom, we pride ourselves on delivering exceptional service and competitive financing options to our clients. We are delighted that our borrower appreciated our deep industry experience and commitment to timely disbursements, and found our terms and conditions highly competitive.”
The successful closing of this transaction has fostered a positive relationship between the borrower and Freedom, with discussions already underway for potential future transactions.
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