**Montecito Medical Secures $65.9M Refinance for Tennessee Outpatient Facility**
Montecito Medical Real Estate has successfully secured $65.9 million in refinancing from Capital One. The funding will be used to refinance the Murfreesboro Medical Clinic, a 221,000-square-foot outpatient medical facility located in Murfreesboro, Tennessee.
According to Commercial Edge, this new financing includes the repayment of a prior $45.5 million loan from Capital One initiated in May 2019, which matured earlier this year. Montecito utilized that original loan to acquire the property from Murfreesboro Medical Clinic & SurgiCenter.
Located at 1272 Garrison Drive, the three-story facility was developed in two stages. The initial 78,000-square-foot phase was completed in 2008. A second expansion in 2013 added an additional 143,000 square feet, bringing the total footprint to 221,000 square feet. The property is currently occupied by major healthcare tenants, including Pediatrix, Murfreesboro Medical Clinic, and Results Physiotherapy.
Set on a 20-acre site, the clinic is conveniently located near Highway 41, approximately 32 miles from downtown Nashville and 31 miles from Nashville International Airport. The surrounding medical community includes providers such as Ascension Saint Thomas Rutherford, the MMC – Westlawn medical center, and Lane Dentistry.
This refinance marks another strategic move for Montecito Medical as it continues to expand and manage its portfolio of healthcare-driven real estate investments.
