Done Deals: HFF arranges $11 million financing for two-building Southern California medical office portfolio

Tuesday, May 28, 2013

HFF arranges $11 million financing for two-building Southern California medical office portfolio

Grove Medical Arts Building, 12665 Garden Grove Boulevard

Garden Grove, CA

Mark Wintner

LOS ANGELES, CA – HFF announced today that it has arranged $11 million in financing for a two-building medical office portfolio totaling 120,253 square feet in Southern California.

HFF worked on behalf of the borrower, joint venture partners Pacific Prime Properties and Hager Pacific, to secure the 20-year, fully amortizing, fixed-rate financing through ING Investment Management. Loan proceeds were used to refinance existing debt on the property and return capital to the borrower.

The first property, Grove Medical Arts Building, is located at 12665 Garden Grove Boulevard in Garden Grove approximately six miles south of Anaheim, California. The seven-story, 74,367-square-foot building is adjacent to the 167-bed Garden Grove Hospital Medical Center, and is 93.2 percent leased.

Los Alamitos Medical Professional Building, 10861 Cherry Street

Los Alamitos, CA

The second property, Los Alamitos Medical Professional Building, is located at 10861 Cherry Street in Los Alamitos near Interstate 605 just south of Cypress, California. The three-story, 45,886-square-foot office building is adjacent to the 167-bed Los Alamitos Medical Center. Los Alamitos Medical Professional Building is100 percent leased.