CBRE Investment Management Closes $45 Million Mortgage Loan for Medical Office Property Outside Denver
September 27, 2022
A fund sponsored by CBRE Investment Management closed on a $45.2 million mortgage loan for the refinancing of the Synergy Medical Center. The floating-rate loan has an initial term of three years and can extend for up to two years.
Synergy Medical Center is a newly constructed, Class A, 104,000-square-foot medical office building located at 500 East Hampden Avenue in Englewood, Colorado. The five-story building features up to 17-foot ceiling heights, covered patient drop-off/pick-up, valet parking and 300 garage parking spaces, floor-to-ceiling windows, both city and mountain views, and ground floor retail.
“The medical office sector has proven to be resilient during the pandemic as the critical work of medical practitioners often requires an in-office presence. We believe that lending on this state-of-the-art property will have a positive, long-term upside for our investors given the demand for available, high-quality, on-campus medical office space in the Denver area and the continued need for in-person medical treatments,” said Michelle Liu, Managing Director for CBRE Investment Management.
Ramsey Daya of Newmark arranged the loan on behalf of the sponsor.
Synergy Medical Center is well-located on the Swedish Medical Center campus and is the first medical building to be built on the campus in over 30 years. The four other on-campus buildings are nearly fully occupied demonstrating a strong demand for additional medical office space. The property also benefits from access to U.S. Highways 285 and 85, providing convenient access to the business hub of Downtown Denver.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $146.9 billion in assets under management* as of June 30, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.