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Chicago & Midwest  + Midwest  + Healthcare  | 

MMCC Handles $15M Loan for Iowa Medical Facility

Marcus & Millichap Capital Corp. (MMCC) has arranged a $15-million non-recourse loan to acquire an 80,000-square-foot medical facility in Hiawatha, IA, within the Cedar Rapids metro area. Buyer and seller were not disclosed.

Located at 1195 Boyson Rd. in Hiawatha, the property has a 20-year triple-net lease with Mercy Medical Center and a 14-year lease with Wolfe Eye Clinic.

“The property is a brand-new medical facility with investment-grade tenants and long-term leases,” said Robert Bhat, first VP capital markets with MMCC. “We secured five years of interest only, followed by a 30-year amortization at 70% loan-to-value. The borrower’s all-in rate is 4.58%, fixed for 10 years.”

Wolfe Eye Clinic moved its Cedar Rapids location to Hiawatha in 2017. Mercy’s Hiawatha facility houses outpatient surgery and urgent care operations.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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