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Subsequent Events
3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events

On April 15, 2020, the Company funded a $13.0 million mezzanine loan on a new construction of a healthcare company building in Columbus, Ohio. The loan bears interest at a rate of 8.5% and matures in 2024.

Since March 31, 2020, we provided the final funding of $4.6 million and substantial completion has taken place on our Denton construction loan. This 30,000 square foot cancer center in Denton, Texas is 100% leased to Physician Reliance, LLC (McKesson Corporation - Moody’s: Baa2) for 10-years. The loan includes a fixed purchase option of $15.5 million which matches the loan amount and is exercisable in May 2021. As of April 30, 2020, a Certificate of Occupancy has been received with rent commencing in May 2020. With construction substantially complete, the interest rate on the loan increases from 5.5% to 6.25%.