FOSTER CITY, CALIF. — Foster City Medical Pavilion, a 39,842-square-foot medical office building, has received $11.1 million in non-recourse financing. The pavilion is located at 1241 E. Hillsdale Blvd. in Foster City. Proceeds were used to acquire the building.
The loan was structured to finance capital expenditures with a secondary funding for 100 percent of the projected tenant improvements and leasing commissions. It represents 60 percent of the borrower’s cost to acquire, upgrade and re-tenant the building. The loan is interest-only for the duration of the term and carries an attractive floating-rate spread with prepayment flexibility. It was secured for Swift Real Estate Partners by Michael Walker of CBRE’s San Francisco office. Financing was placed with a publicly traded mortgage REIT.