CBRE has secured $21,884,000 in refinancing for The Pines Medical Professional Centre, a 91,956-square-foot medical office complex located at 400 – 700 N. Hiatus Road in Pembroke Pines.
Paul Ahmed and Mackenzie Lampman with CBRE Capital Markets worked on behalf of the borrower, a private investor, to arrange a seven-year, fixed-rate loan from Bank United.
“We continue to see the healthcare industry trend toward outpatient services, which has strengthened the demand for medical office buildings overall. Since purchasing the property in late 2016, the borrower has created significant value by adding high-quality medical tenants. The borrower, a longtime client, was able to refinance out of their existing mortgage and pull cash out to put towards continuing improvements at the property,” said Ahmed.
The Pines Medical Professional Centre consists of four (4) two-story office buildings built between 2000 and 2002. It is 97 percent occupied by a variety of medical providers and services, including physicians, dentists, radiologists, and urologists.
The property is located less than a mile from Memorial Hospital West, which offers a wide range of healthcare services, including one of the busiest adult emergency care departments in Broward County.
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