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Coventry Health Care Building

Scottsdale, AZ

$15,600,000

PROPERTY TYPE

Office

DATE

January 19, 2016

FINANCING TYPE

Bridge

George Mitsanas and Tim Storey, Principals of Gantry, working on an exclusive basis, arranged a four year bridge loan for a repeat borrower. The loan carried a variable rate and was non-recourse. The loan included a provision for “good news” funds to cover tenant improvements and leasing commissions as new leasing occurs. The loan was funded by a large national bank.


The property is a 150,900 square foot, three-story, Class B office building located along Scottsdale Road in the heart of Scottsdale, Arizona. The property was 70% leased at closing. The subject was constructed in 1985 and features brick-clad exterior and wide open courtyards with generous amounts of shade, landscaping, and sitting areas that are spread throughout the courtyards. Parking is provided to the property via a subterranean parking garage.

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