Sullivan Medical Office Development


A $5,005,000 construction to permanent mortgage to construct a 16,000 square foot medical office building leased to St. Luke’s University Health Network located in Easton, Pennsylvania. The loan carries a five-year term with a fixed rate of 4.25%, with a 12-month interest-only period during construction. The loan was underwritten at 77% loan-to-value and 85% loan-to-cost.