Digestive Disease Consultants of Medina, Inc.
Brunswick, Ohio
Acquisition, construction, installation and equipping of a new 40,000 square foot medical office facility. Project allowed Digestive Disease Consultants to expand their practice by adding exam rooms, additional beds and procedure rooms.
The Challenge:
The client was seeking very long-term fixed-rate financing for the project. As the project neared closing and ready to issue bonds, the credit market entered a period of multiple interest rate increases. The parties worked together to deliver a competitive financing structure, allowing the project to move forward.
Benefits of Working with SCPA
Digestive Disease Consultants was able to access investment grade interest rates and finance their project over a 20 year long-term fixed-rate basis through the Port Authority Bond Fund Program. Through a capital lease structure the Port was able to deliver sales tax savings on construction materials related to the Project.
Project Cost: $6 million
Source Funds:
$6,000,000 - Summit County Port Authority Bonds
$ 119,878 - Project Fund Earnings
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$6,119,878 - Total
Interest Rate:
SCPA Fixed Rate Bonds: 7.25%
Financing Options
Economic development options for industrial, commercial, non-profit, and public projects.
Application
Click here to view our financing application.
