BEVERLY HILLS, CA—Starpoint Properties LLC, a commercial real estate investment firm, has secured a $40 million loan to refinance the senior debt on a medical office building. Starpoint Properties secured the loan through HFF.
The 101,653-square-foot property is located at 450 N. Roxbury Dr. in Beverly Hills, CA, near the Golden Triangle area, and is 100% occupied. Other medical office portfolios are also located in the area. GlobeSt.com reported recently G&L Realty secured a $176.5 million loan for a nearby medical office portfolio with five properties. The area draws a lot of interest for medical office buildings because of its close proximity to Cedars-Sinai Medical Center and UCLA Medical Center.
The $40 million refinancing loan was funded through Guggenheim Finance LLC. It has a 15-year term and a fixed rate. HFF secured the loan on behalf of the borrower with a debt team led by director Chris Vittetoe and managing director Paul Brindley.
“The Beverly Hills Triangle is one of the strongest markets in greater Los Angeles, and the Sponsor has done an incredible job of continuously improving the property and its tenancy,” HFF managing director Paul Bridley tells GlobeSt.com. “The lender recognized these attributes and provided a financing that met the borrower’s strategic goals.”