LOS ANGELES–HFF has arranged $11 million in financing for a two-building medical office portfolio totaling 120,253 square feet.
Loan proceeds will be used to refinance existing debt on the properties and return capital to the borrower, joint venture partners Pacific Prime Properties and Hager Pacific.
The 20-year, fully amortizing, fixed-rate financing was through ING Investment Management.
The first property, Grove Medical Arts Building, is located at 12665 Garden Grove Blvd. in Garden Grove, approximately six miles south of Anaheim. The seven-story, 74,367-square-foot building is adjacent to the 167-bed Garden Grove Hospital Medical Center. It is 93% leased.
The second property, Los Alamitos Medical Professional Building, is located at 10861 Cherry St. in Los Alamitos near Interstate 605, just south of Cypress. The three-story, 45,886-square-foot office building is adjacent to the 167-bed Los Alamitos Medical Center. Los Alamitos Medical Professional Building is100% leased.
The HFF team representing the borrower was led by managing director Mark Wintner. He did not immediately respond to a GlobeSt.com request for comment.
As reported earlier by GlobeSt.com, medical office buildings remain an investor favorite.