Byline Bank’s Commercial Real Estate Group (BCREG) has closed on a $16.5 million commercial mortgage to RX Health & Science Trust to reposition 3345 South Val Vista Drive, an 88,472-square-foot commercial office property located in Gilbert, Arizona, into a premier medical property.  

Funding of the property supports upgrading the building’s mixed-use office space into healthcare-focused office space. Repositioning the property to appeal exclusively to medical tenants builds upon the property’s existing healthcare tenancy, which includes an ambulatory surgery center, women’s healthcare provider and a physical therapy operator.  

Conveniently located near Dignity Health Mercy Gilbert Medical Center, the property offers excellent access, including a two-story parking garage. The building offers prominent visibility and signage from the Loop 202 freeway for tenants seeking Class A space in a dense and growing retail and medical corridor.  

“In today’s commercial environment, an office space reposition can be a challenging asset profile for most banks to get their arms around,” said Sarah Hunter, Senior Vice President of BCREG. “Our team at Byline took the time to understand the development plans for the property, and, based on the strong medical demand in the area as well as the extensive experience of the sponsorship team, we were excited to be a part of this project. We hope this is the first of many successful transactions with RX Health & Science Trust.” 

About Byline Commercial Real Estate Group 

Byline’s Commercial Real Estate Group (BCREG), headquartered in Chicago, provides first mortgage construction, bridge and permanent loans secured by properties in the Chicagoland area as well as nationwide for Tier One customers. Since 2014, BCREG has closed $2.6 billion of loans for its target market, focusing on multifamily (including student housing and active adult), industrial, self-storage and retail properties. For more information, visit bylinebank.com/commercial-real-estate.