An optometry clinic is not four walls and a refraction lane — it is a precision clinical environment engineered for throughput, patient experience, and exit-value maximization. Lumina structures the capital to build it correctly the first time.
Initialize Practice Equity AssessmentEvery dollar invested in thoughtful clinical design compounds through patient retention, staff efficiency, and buyer multiple expansion at exit. Lumina Medical Capital structures leasehold improvement capital as a strategic asset — not an overhead obligation — because the build-out that commands an 8.0x exit multiple looks nothing like the one that yields a 5.0x.
Funds are disbursed in draws against verified construction milestones — shell delivery, rough-in, fixture installation, technology integration, certificate of occupancy. Draw facilities prevent cost overruns from compressing working capital and isolate construction risk from the operating entity's balance sheet.
Tenant Improvement Allowances from commercial landlords in Maricopa County typically range from $40–$120 per square foot for medical office build-outs. Lumina provides TIA negotiation guidance and structures bridge capital to fund the gap between landlord commitment and construction commencement — without interrupting your lease execution timeline.
Post-construction, the draw facility converts to a term instrument — typically 5–10 year amortization — tied to the depreciable life of the improvements. SBA 7(a) and conventional structures are available depending on practice vintage, collateral position, and total project cost.
Maricopa County construction costs reflect the region's high-demand medical office market. These benchmarks are drawn from completed optometry projects 2022–2025.
| Build-Out Component | Typical Range | High-End Finish | Exit Multiple Impact |
|---|---|---|---|
| Base Shell Build-Out | $45–$75/SF | $85–$120/SF | Foundation — neutral |
| Exam Lane Design (per lane) | $18–$28K | $32–$48K | High — drives throughput |
| Optical Dispensary | $25–$45K | $55–$90K | High — revenue anchor |
| Diagnostic Suite Integration | $15–$30K | $35–$60K | Very high — EBITDA driver |
| Reception & Patient Experience | $10–$20K | $25–$50K | Moderate — retention signal |
| IT / EHR Infrastructure | $12–$22K | $28–$45K | Moderate — efficiency multiplier |
| 2,500 SF Full De Novo Build | $220–$340K | $380–$550K | Exit premium: +0.5–1.2x |
Cost ranges reflect Maricopa County GC bids, Q1 2023–Q4 2024. High-end finish includes premium millwork, luxury vinyl plank throughout, designer lighting, and branded signage packages.
Most optometrists leave $40,000–$120,000 of landlord-funded capital on the table during lease negotiations. The TIA is not a landlord gift — it is a capital instrument that must be structured, not requested.
Establish the local TIA market rate for medical office in your target submarket. Scottsdale Healthcare Corridor, Tempe Medical Row, and Gilbert East Valley each carry different landlord TIA expectations. Benchmark before opening any negotiation — an uninformed ask leaves the landlord in control of the number.
Present a detailed scope of work — architectural drawings, engineer-stamped MEP specs, GC bid sheet — before requesting TIA. Landlords fund documented improvements, not verbal commitments. A complete package signals operational sophistication and increases TIA approval rates by 40–60%.
Landlords often prefer free rent concessions over TIA because TIA deploys cash immediately. Model both scenarios using net-present-value analysis: a 3-month free rent concession on a $12,000/month lease delivers $36,000 of value — often less than the TIA achievable through direct capital negotiation.
When TIA is approved but disbursed on a reimbursement basis (pay first, claim later), Lumina structures bridge capital to fund construction from day one. The bridge is retired when the landlord's TIA check clears — eliminating the need to self-fund the build while waiting for reimbursement.
For total project costs above $150K, SBA 7(a) provides a 10-year term at competitive rates with 10–15% equity injection. Eligible improvements include all permanent fixtures, MEP systems, and optical dispensary buildout. Cannot fund FF&E under $2,500 per item — structure separately.
For speed and flexibility, a conventional construction line closes in 2–3 weeks versus 8–12 weeks for SBA. Draw schedule follows GC invoicing. Best deployed for projects under $200K where the speed premium outweighs the rate differential. Converts to permanent term at CO.
Permanently installed diagnostic equipment — OCT, corneal topographer, dry eye stations — can be structured as finance leases, separating the capital obligation from the leasehold improvement note. This preserves the LI facility's borrowing base for pure construction costs.
A short-term revolving line sized to the approved TIA amount. Funds construction draws immediately; is retired in a single payment upon TIA reimbursement receipt. Eliminates the 60–120 day self-funding gap that stalls many Arizona optometry de novo projects.
Leasehold improvement capital and specialized procedure suite capital work in parallel. Explore laser suite and dry eye suite buildout structures for Maricopa County practices.
Explore Procedure Suite Capital →Your clinical environment is a capital asset. Lumina structures the build-out capital that transforms a four-lane exam room into an eight-figure practice valuation engine.
Initialize Practice Equity Assessment