T E A M W O R K    •     P A R T N E R S H I P     •     D E D I C A T I O N 

HOME        ABOUT US        DEBT & EQUITY      REAL ESTATE       PORTFOLIO      SR. TEAM        PRESS ROOM      CONTACT

Build to Suit
On Campus Healthcare Facility

$5,600,000

Development Loan
Phoenix, AZ
   

Gladstone Commercial Corporation (NASDAQ: GOOD) closed a $5.6 million second mortgage development loan for the construction of an 81,371 square foot, build-to-suit transitional care facility located on a major hospital campus in Phoenix, Arizona.

Construction is scheduled to be completed in approximately twelve months and the Company will earn 9.0% interest, paid currently in cash, on the loan during construction and through maturity. Prior to completion of the facility, the Company will be granted a right of first offer to purchase the property. If the Company does not purchase the property at completion, it will receive a priority exit fee sufficient to earn an internal rate of return of 22% when the development loan is repaid upon sale of the property.

"This investment is the first in a new program to participate with developers on build-to-suit projects in primary and strong secondary markets nationwide" said Matt Tucker, Managing Director of Gladstone Commercial. "This investment establishes our presence in the Phoenix market and as a capital provider for developers looking to complete single tenant build to suit office, industrial and healthcare facilities. This investment provides very good risk adjusted returns to our shareholders."

"We are excited to close our first development loan, a program we hope will become an integral part of our long-term growth strategy; partnering with developers will lead to additional value creation for our shareholders," said Bob Cutlip, President of Gladstone Commercial.

 
    For more information on this transaction or
Gladstone's development loan program, please contact:  
 
   

Matt Tucker
Managing Director
(703) 287-5830

Brandon Flickinger
Principal
(703) 287-5815

     
   
 
    THE GLADSTONE COMPANIES    
   

Leaders in private equity, debt and real estate ownership and financing, the Gladstone Companies are a family of public and private investment funds. Our funds as applicable, invest in commercial real estate, farmland, and small and medium-sized companies and provide financing to such businesses across the capital structure, from second lien and mezzanine debt, to equity and real estate financing solutions.

Financing for the Gladstone Companies is provided by four public investment vehicles: Gladstone Capital Corporation (NASDAQ: GLAD), Gladstone Investment Corporation (NASDAQ: GAIN), Gladstone Commercial Corporation (NASDAQ: GOOD), and Gladstone Land Corporation (NASDAQ: LAND).

 
   
 
   

 

LOS ANGELES, CA
1600 Rosecrans Avenue
Media Center, 4th Floor
Manhatthan Beach, CA
90266

WASHINGTON, DC
1521 Westbranch Drive
Suite 100
McLean, VA
22102

CHICAGO, IL
200 South Wacker Drive
31st Floor
Chicago, IL
60606

 

NEW YORK, NY
245 Park Avenue
39th Floor
New York, NY
10167

 
                                       
www.gladstonecompanies.comhttp://www.facebookloginhut.com/facebook-login/http://www.facebookloginhut.com/facebook-login/http://www.facebookloginhut.com/facebook-login/

1521 Westbranch Drive · Suite 100 · McLean, VA 22102
(703) 287-5800 · (703) 287-5801 fax