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SANTA MONICA, CA-Held Properties, owner of the Medical Centre of Santa Monica, plans significant improvements to the medical office complex with proceeds from a $62-million refinancing arranged by CBRE Melody. According to Brian Halpern of the Los Angeles office of CBRE Melody, Century City-based Held will be using loan proceeds to complete “a substantial renovation program as well as seek additional investment opportunities.”

Halpern, who arranged the 10-year interest-only loan with Countrywide Commercial Real Estate Finance, Inc. on behalf of Held, describes the Medical Centre of Santa Monica as “the largest and most prestigious medical complex in the area.” The complex consists of a 12-story building comprising 139,000 sf at 2001 Santa Monica Blvd. and a seven-story building totaling 62,800 sf at 2021 Santa Monica Blvd.

The Medical Centre project is situated on the campus of the Saint Johns Hospital and Health Center and is the only complex with direct access via an enclosed walkway to St. John’s Health Center. Both of the buildings in the project are 100% leased, according to Held’s web site.

The upcoming renovations to the medical office complex underscore the extremely strong medical office market on the Westside of Los Angeles, where leasing and investment brokers say that demand is among the strongest in the country. The medical office complex is part of a portfolio that Held has developed, owned and managed since the company was established in 1946. Held will be looking for the additional property acquisitions in Southern California and Arizona.

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