Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.