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| Rendering of the planned Hoag Health Center-Irvine at Alton Parkway and Sand Canyon Avenue, Irvine, CA |
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| Zach Koucos |
SAN DIEGO, CA – HFF announced that it has secured a $41.25
million construction-to-permanent loan for The Hoag Health Center –
Irvine, a to-be-built 150,000-square-foot medical office development
in Irvine, California.
HFF worked exclusively on behalf of San Diego-based Pacific
Medical Buildings (PMB) to secure the 12-year, fixed-rate loan through a
correspondent life insurance company.
The loan is
interest-only during the two-year construction period, and the fixed rate was
locked over eight months in advance of the loan closing. HFF is servicing the loan.
Scheduled for completion in early 2016, The Hoag Health Center – Irvine
will consist of three two-story, Class A, 50,000-square-foot ambulatory care
centers designed and constructed using sustainable principles and flexible
floor plans.
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| Aldon Cole |
Located at the
intersection of Alton Parkway and Sand Canyon Avenue, the property is directly
across from Hoag Hospital Irvine, a 154-bed private hospital with inpatient,
outpatient and emergency room services, and walking distance to Kaiser
Permanente Hospital.
The Hoag Health
Center – Irvine is 100 percent leased to Hoag Hospital.
Less than one mile from Interstate 405 (San Diego Parkway),
the southern Orange County location places the asset less than 2.5 miles from
the convergence of Interstate 5 (Santa Ana Freeway) and Interstate 405.
The HFF team was led by director Zach Koucos and
senior managing directors Aldon Cole and Tim Wright. Jake Rohe and Ben Ryan led the
transaction for PMB.
”We were targeting a very specific financing product with a
long forward-commitment component,” Rohe said.
“HFF was able to deliver exactly what we were looking for to meet our
business objectives for this unique project.”
For more
information, please visit their website at www.pacificmedicalbuildings.com.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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