Thorofare Capital has provided a $16,680,000 floating-rate senior loan for the cash-in refinance of Physicians Specialty Center, a three-story Class A medical office building and ambulatory surgical center totaling 64,890 square feet and situated on 5.2 acres at 3400 I-30 in Mesquite, Texas.

Built in 2019, the property is located approximately 10 miles east of downtown Dallas within the Dallas-Fort Worth MSA. The property is leased to a mix of medical tenants spanning diagnostic imaging, nephrology, pediatric cranial orthotics, primary and urgent care, and ambulatory surgical services.

Recent leasing activity includes a new 10-year lease for the property’s 17,696 square foot ambulatory surgical center, representing approximately 27% of the building. The sponsor’s business plan is to continue leasing the remaining vacancy and stabilize the property.

Loan proceeds were used to refinance existing debt, fund reserves for tenant improvements and leasing costs, establish an interest reserve, and cover closing costs.

The sponsor is an experienced real estate investment firm with a track record of acquiring and managing healthcare properties.