Madison Realty Capital (MRC) recently closed a $28-million first mortgage loan for a 191,676-square-foot, Class A medical office building in The Heights neighborhood of Houston.
The borrower, a joint venture of two Houston-based medical office development firms, used a portion of the loan proceeds to refinance previous debt. The remainder will be utilized for building renovations and tenant improvements.
“We continue to seek quality loan opportunities through our national platform, and this transaction is a great example,” said Josh Zegen, co-founder and managing principal of New York City-based MRC. “We believe there is considerable demand for medical office space both nationally and in the local submarket, and we’re pleased to deliver financing in support of the borrower’s business plan for the asset.”
The property, located at 1917 Ashland St., is currently 95% leased to medical tenants, including St. Joseph Medical Center and CuraHealth.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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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