HFF arranges $6.9M construction/mini-permanent loan for San Antonio, TX medical office building

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $6.9 million construction/mini-permanent loan for Shavano Oaks II, (top right photo) a recently completed Class A medical office building in San Antonio, Texas.

HFF director Brian Carlton (middle left photo) worked exclusively on behalf of Oaks Development Group to secure the 48-month loan through Chris Martineau and Cari Robinson in the Dallas office of Mutual of Omaha Bank.

Oaks Development Group is a full-service, medical office development company and general contractor with offices in North Carolina, Texas, Georgia, Massachusetts, Florida and Illinois.

Kerry Angus and Eric Perardi in the Austin office of Oaks Development Group placed the building under contract while it was under construction and began securing leases from a core group of doctor tenants, who are also given ownership in the property.

Approximately 70% of the space was pre-leased at closing and the remaining space will be leased to future medical practices that complement the existing tenants’ businesses.

Oaks Development Group has completed over 50 similar transactions, both as developer and purchaser, throughout the Southeast United States. Messrs, Angus and Perardi have several other projects in Texas under development or nearing the acquisition stage.

Completed in October 2008, the three-story Shavano Oaks II has 34,576 square feet of leasable medical office space.

The property is located at 3603 Paesano’s Parkway off Loop 1604 within close proximity to Interstate Highway 10 and Highway 281 in the Shavano Park area of San Antonio. Finish-out for the four current medical practices is underway with occupancy expected in early 2009.

Contacts:

Brian G. Carlton, HFF Director, (214) 265-0880, bcarlton@hfflp.com

Myra F. Moren, HFF Director, Marketing (713) 852-3500, mmoren@hfflp.com