Medical Office Build Scores $32M

TARZANA, CA—A developer has secured a $32.3 million construction loan for the development of Ventana Medical Plaza, an 112,500-square-foot, four-story medical office facility. The class-A property is already 70% pre-leased to a tenant mix that includes national outpatient imaging center, RadNet Inc. The development will break ground October 8, and construction is scheduled to complete in 2016.

A Hong Kong-based lending institution funded the loan. It has a two-year term with a LIBOR 30. Geoffrey Arrobio, an SVP at Johnson’s Capital in the firm’s Downtown Los Angeles office, secured the funds on behalf of the borrower, an unnamed developer. “This is the first major development for the borrower and having to secure a “club” lender to participate in the funding before the loan was committed was challenging.” He was able to secure funding because of the property’s location and preleasing.