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Albany Road secures $19.9M loan for Scottsdale medical office buildings
The financing supports acquisition of Edwards Professional Park I and II, a 91,469-square-foot property that was 91% leased at closing.
ConnectCRE reports that Cushman & Wakefield arranged $19.9 million in acquisition financing for Albany Road for Edwards Professional Park I and II in Scottsdale.
According to the report, Tyler Morss, of Cushman & Wakefield’s Healthcare Capital Markets team, arranged the debt through an undisclosed regional bank on behalf of the borrower.
The buildings total 91,469 square feet across two properties and were described as 91% leased to 47 medical and healthcare-related tenants at the time the loan closed.
ConnectCRE also said that about 98.7% of the occupied space is dedicated to healthcare uses, including specialties such as dentistry, orthopedics, gastroenterology, dermatology, behavioral health, physical medicine, infusion therapy, and aesthetic medicine practices.