Colliers Arranges $16.68M Bridge Financing for Class A Medical Office in Mesquite, Texas

Colliers U.S. Healthcare Capital Markets has arranged a $16.68 million floating-rate bridge refinancing for the Physicians Specialty Center, a 64,890-square-foot Class A medical office building and ambulatory surgery center in Mesquite, Texas, the firm announced Sept. 1, 2026.

The transaction was structured as a cash-in refinance, with Thorofare Capital providing the senior floating-rate loan on the three-story property at 3400 I-30. John Heitmann, Senior Vice President; Jordan Selbiger, Executive Vice President; and CJ Kodani, Senior Vice President, led the Colliers team on the assignment.

Property Overview: Physicians Specialty Center

Built in 2019 on a 5.2-acre site, the Physicians Specialty Center is positioned along Interstate 30 in Mesquite, offering direct visibility and access within the broader Dallas-Fort Worth metroplex. The facility spans three stories and is designed to support a range of physician specialties and referral-driven outpatient services.

The building is anchored by an advanced diagnostic imaging center and an ambulatory surgery center featuring three operating rooms and two procedure rooms. The multi-tenant configuration supports a diverse mix of physician uses oriented around outpatient and referral-based care.

The loan equates to approximately $257 per square foot on the 64,890-square-foot asset.

Strategic Positioning in the East Dallas Submarket

The Physicians Specialty Center's location along Interstate 30 provides accessibility within one of the nation's fastest-growing metropolitan areas. The East Dallas submarket has seen sustained demand for outpatient healthcare services, driven by population growth across the broader DFW region.

Ridgeline Capital Partners acquired the property in April 2021, shortly after its 2019 completion, when it was noted as a newly built Class A medical office asset. The 2026 bridge refinancing represents a recapitalization of the property, with the cash-in structure indicating additional equity contributed by the sponsor — a common approach used to fund leasing activity, cover operational costs, or reposition an asset ahead of permanent financing or a sale.

Medical Office Capital Markets Context

The Mesquite transaction reflects broader capital markets activity in the healthcare real estate sector, where medical office has maintained stronger fundamentals than conventional office. In the Dallas-Fort Worth market, medical office occupancy stands at approximately 90.8%, with net absorption of more than 436,000 square feet and average NNN rents near $24.49 per square foot. More than 1.15 million square feet of medical office space is currently under construction across the metroplex.

Nationally, medical office vacancy has remained in the 7-to-9-percent range, a significant contrast to overall office vacancy in DFW, which has hovered in the mid-to-upper 20-percent range in 2026. Medical office cap rates, which rose modestly through 2024 and into 2025, began compressing again in early 2025, reflecting continued investor demand for healthcare-anchored assets with stable occupancy profiles.

Bridge financing has become a common recapitalization tool for medical office owners navigating the gap between current floating-rate debt markets and the longer-term permanent financing environment, particularly for assets with strong occupancy and creditworthy healthcare tenants.

About the Colliers Healthcare Capital Markets Team

Colliers U.S. Healthcare Capital Markets specializes in debt and equity placement, investment sales, and advisory services for healthcare real estate assets including medical office buildings, ambulatory surgery centers, and specialty healthcare facilities. Recent transactions by the group include the sale of PAM Health Rehabilitation Hospital of Tulsa, financing secured for Sugar Land Medical Plaza, and the sale of an oncology center of excellence in Austin, Texas.

Sources:
Colliers — Colliers secures bridge financing for premier Class A medical outpatient facility in Dallas-Fort Worth metroplex