Dockerty Romer arranges loan for California deal

DELRAY BEACH — Craig Romer of Delray Beach-based Dockerty Romer & Co. has arranged $10.7 million in acquisition financing for Escondido Medical Arts building in Escondido, Calif.

EMA is a two-story, Class “A” medical office building built in 1994 withf 50,020 square feet. It is 95 percent leased to 14 tenants.

The property also includes a 241-space parking garage. EMA is well positioned, located less than a mile from the Palomar Medical Center, a 319-bed acute care hospital that is north San Diego County’s only designated trauma center. It also has a 24-hour emergency department.

Wells Fargo Bank provided a 5-year, non-recourse, loan at a competitive rate. 

The building has a mix of tenant specialties including family practice, OB/GYN, pediatrics, internal medicine, ears, nose, & throat, ophthalmology, urgent care, gastroenterology and a broad range of genomic, esoteric and diagnostic testing.

The borrower, MMIC, is an experienced owner of medical office buildings with a portfolio representing more than 1.5 million square feet and in excess of $500 million in valuation.  EMA is the second deal for MMIC in this submarket.  They also acquired the 70,058-square-foot Valley Parkway Health Center building.

“Wells Fargo really performed in this ever-changing credit market we are currently facing,: Romer said. “The transaction was consummated in 3 weeks from the time Wells Fargo was presented the deal.”