Onicx Secures $29M Refi for Florida MOBs – What is a Ground Lease?

 Investment, Medical Office, News, Orlando, Southeast, Tampa, First Citizens Bank, Onicx 

The Class A Trinity Medical Arts Building came online in 2011. Image courtesy of CommercialEdge

Onicx Group has secured a $29 million refinancing loan for two medical office buildings totaling 132,000 square feet in Trinity, Fla., and Kissimmee, Fla. First Citizens Bank‘s Healthcare Finance business, part of the CIT division, provided the loan.

Both medical offices were subject to previous financing in 2020. Trinity Medical Arts Building received a five-year, $21.8 million cash-out refinancing from ServisFirst Bank, while Poinciana Medical Arts Building was subject to a $7.9 million loan, due in 2025, originated by Ameris Bank, CommercialEdge data shows.

The properties are part of Florida Trinity Hospital and Poinciana Hospital campuses. The 90,000-square-foot Trinity Medical Arts Building came online in 2011 on 0.6 acres. The four-story, Class A facility features 23,000-square-foot floorplates, controlled access, four passenger elevators and offers 540 parking spaces.

Located at 9332 State Road 54, the property is within the Tampa St. Petersburg Clearwater market, some 30 miles Northwest of downtown Tampa. Its tenant roster includes Fresenius Kidney Care Seven Springs, New Port Richey Surgery Center and Women’s Care Center.

Delivered in 2013, Poinciana Medical Arts Building encompasses 42,000 square feet on 10.2 acres. The two-story, Class B building features a passenger elevator, controlled access and shares parking space with the hospital campus. The property at 339 Cypress Parkway has access to State Route 580 and is 35 miles South of downtown Orlando, Fla.

First Citizens Bank recently provided a $14.5 million refinancing loan for Holly Pond Plaza, a 73,060-square-foot medical facility in Stamford, Conn.

The post Onicx Secures $29M Refi for Florida MOBs appeared first on Commercial Property Executive.

 The pair of properties are near Tampa and Orlando.
The post Onicx Secures $29M Refi for Florida MOBs appeared first on Commercial Property Executive. Read More Commercial Property Executive 

In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.

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