Tri State Advanced Surgery Center

Project Description

Mixed-Use/Commercial – Marion, AR

• Status: Performing
• Position: First Lien
• Loan Type: Acquisition
• Current Loan Balance: $2,610,000
• Fully Committed Loan Amount: $2,610,000
• Appraised Value: $4,350,000
• Loan to Value Ratio: 60.0%
• Current Interest Rate: 11.50%
• Interest Rate Index: WSJP + 8.25%
• Interest Rate Floor: 11.50%
• Origination Date: December 9, 2020
• Maturity Date: September 1, 2021
• Term: 8 months
• % of Portfolio: 3.4%

Tri State Advanced Surgery Center is an 8,467-square foot, single-tenant ambulatory surgery center located in the Memphis, TN-MS-AR Statistical Area. The property is leased by SARC Surgery Center. The borrower is paying out of pocket to complete additional tenant improvements to convert the center to a multi-specialty center with cardio/cath procedures.