Northmarq’s Investment Sales, Debt + Equity teams arrange sale and financing for pair of Texas healthcare facilities

Northmarq’s Tulsa Commercial Investment Sales team led by David Annett successfully completed the sale of two Texas-based healthcare facilities.

• University of Texas Medical Branch (UTMB Health) — 2020 East Highway 6, Alvin, TX
• CareNow Urgent Care — 7232 North Fwy, Fort Worth, TX

For these deals, Northmarq duel represented both the buyer and the seller, TSM Ventures, Inc. Both properties were purchased by Maple Street Management. Northmarq’s St. Louis Debt + Equity team led by Jada Purchase, of Northmarq’s Net Lease Financing team, successfully arranged financing for both deals.

“Transactions between great buyers and great sellers are always fun,” Annett said. “I’ve been fortunate to work with both parties for nearly eight years and finally found a way to connect them.”

Northmarq arranged financing for both properties on behalf of Maple Street Management, the borrower, through a correspondent relationship with a financial institution. The transactions were structured on a 5-year fixed-rate term with a 30-year amortization schedule.

“We achieved maximum proceeds and cashflow on assets with less than six years remaining on their leases,” Purchase said. “It was a win for all parties involved.”

UTMB Health is part of the University of Texas system and a member of the Texas Medical Center, offering primary, specialty and urgent care to the Alvin community and surrounding area. The 10,100-sq.-ft. property, located on 1.57 acres, was built in 2014 and currently has roughly five years remaining on its double-net lease term. The property sits in a highly trafficked area, with more than 57,000 daily vehicles passing by the intersection of E. Highway 6 and the Alvin Bypass, with retail, restaurants, convenience stores and coffee shops all nearby.

CareNow Urgent Care’s Fossil Creek location treats minor urgent care needs in a convenient setting. Built in 2011, the 5,575-sq.ft. building on roughly 1.12 acres currently features a double-net lease through 2029 with three- and five-year extension options. More than 115,000 people live within a three-mile radius of the property. The location, situated at the intersection of Interstate 35W and Basswood Blvd, boasts nearby restaurants, banks, shops, fitness options and convenience stores.