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Montecito Medical Snags $65.9M Refi on Nashville-Area MOB
Montecito Medical Real Estate has obtained $65.9 million from Capital One. Montecito will use the money to refinance Murfreesboro Medical Clinic, a 221,000-square-foot medical outpatient facility in Murfreesboro, Tenn.
Commercial Edge reports that the current debt includes a $45.5 million loan from the same lender in May 2019 that matured earlier this year. Montecito used that note to acquire the asset from Murfreesboro Medical Clinic & SurgiCenter.
The three-story facility at 1272 Garrison Drive came online in two phases. In 2008, the property opened with 78,000 square feet. The second phase, completed in 2013, added another 143,000 square feet to the building. Tenants includes Pediatrix, Murfreesboro Medical Clinic and Results Physiotherapy.
The 20-acre property is close to Highway 41, some 32 miles from downtown Nashville and 31 miles from Nashville International Airport. Other medical providers in the area include Ascension Saint Thomas Rutherford, the MMC – Westlawn medical center and Lane Dentistry.
- ◦Financing
