Northmarq arranges sale, financing of Texas Oncology medical office building in Bastrop, TX

BASTROP, Texas (April 25, 2025) — Northmarq’s Tulsa Commercial Investment Sales team led by Jeff Matulis, Toby Scrivner and David Annett, and St. Louis Debt + Equity team led by Jada Purchase, successfully completed the sale and financing of the Texas Oncology cancer treatment center at 3107 State Hwy 71 in Bastrop, Texas.

Northmarq’s Investment Sales team represented both the seller, BlueDrake Capital, as well as the buyer, Maple Street Management. The sale and financing were led in collaboration with both Northmarq’s National Healthcare Group and the firm’s Net Lease Financing team.

“We are thrilled to have cross collaboration between our Northmarq groups — Jada Purchase on the National Net Lease debt team and Jeff Matulis and Toby Scrivner on the National Healthcare Group,” Annett said. “The access to those experts really gave my client a leg up in closing on this complicated transaction.”

"The asset presented unique challenges for the seller in terms of getting the right buyer in place,” Matulis said. “We were able to utilize our platform to source a buyer on a 1031 exchange who was looking to expand their healthcare portfolio in a prime location. The end result achieved the seller's expectations for both timing and the sale price.”

Northmarq arranged financing for the borrower, Maple Street Management, through a correspondent relationship with a financial institution. The transaction was structured on a five-year term with a 30-year amortization schedule.

“With this transaction, we achieved great terms on a strong tenant with a short lease term remaining,” Purchase said. “The client hit all their cash on cash and ROR targets with the loan we originated.”

Built in 2009, this Texas Oncology property features an 11,000-sq.-ft. building on a 0.93-acre lot. It is a triple net lease. The property is the main location in Bastrop for Texas Oncology, the largest cancer treatment and research provider in the state of Texas.

The property is the only oncology practice within the city limits of Bastrop, and it is located in the heart of the densest medical corridor in the city. The area includes St. David’s Emergency Center, Family Health Center, Bastrop Community Health Center, and Ascension Seton Bastrop Hospital.

This Texas Oncology location is positioned off of State Highway 71 and TX 360, which see a combined 44,472 vehicles per day. It is less than two miles from downtown Bastrop, and roughly 34 miles from downtown Austin.