LOS ANGELES-Sixteenth Street Medical Center LP has closed on a$28.7 million construction loan from US Bank and will beginimmediately on the development of a three-story 50,000-square-footmedical building in Santa Monica, CA.
The financing, which was negotiated on behalf of the borrower bylaw firm Greenberg Glusker, allows the development team, led byRandall Miller of the Nautilus Group Inc. to move forward on thebuild-to-suit for UCLA.
As GlobeSt.com previously reported, UCLA signed a30-year lease for $147 million to occupy the entire building, whichwill be used as an outpatient surgery facility. At the time, SVPSteve Orchard of Century City-based George Smith Partners—the teamthat arranged the variable-rate short-term loan—told GlobeSt.comthat the developer had five solid offers to choose from prospectivelenders on his construction loan, three of them offering a firmcommitment on take-out financing.
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