Biscayne Asset Mgmt. closes $8.4M mortgage

TAMPA - Biscayne Asset Management secured a new $8.4 million first mortgage for the acquisition of University Park, a 99,000sf multitenant medical office park across from the University of South Florida.

The five-year loan term is fixed at 6% with a 25-year amortization schedule.

“The collateral is 100% occupied with nationally recognized or investment-grade tenants. The borrower ended up closing with a commercial bank that offered a future advance clause and release provisions for individual buildings to be sold at a later date” says Biscayne’s Managing Director Matthew Fuller.