Gantry has secured $15.3 million in permanent refinancing for a 51,000-square-foot medical flex office building in El Segundo, Calif. According to Los Angeles County records, the five-year CMBS loan was provided by DBR Investments Co. Limited, an affiliate of Deutsche Bank. The fixed-rate mortgage features interest-only terms for the life of the loan.
Gantry Principal Mark Ritchie, Senior Director Amit Tyagi and Associate Alicia Sabanero with the firm’s Los Angeles office secured the financing on behalf of the owner, G&N Management. The building is fully leased to health-care provider DaVita, serving as its regional headquarters and national training facility.
READ ALSO: MOB Sector Remains Stable, Attractive
G&N Management acquired the property back in 2004 for $13.2 million from CT Realty, CommercialEdge data shows. The facility was previously subject to a $12.3 million CMBS loan in 2014, originated by Cantor Commercial Real Estate, with Wilmington Trust acting as lender.
Completed in 1963, the Class B building underwent renovations in 1990. The single-story property has controlled access and offers 178 car parking spaces at a ratio of 3.5 spaces per 1,000 square feet. The facility has an energy system that generates 75 percent of energy used on site.
The property is at 601 Hawaii St., near Interstate 405 and Los Angeles International Airport, being some 18 miles from downtown Los Angeles. Other medical centers in the surrounding area include Torrance Memorial – El Segundo, St. Paul Medical Center of the S. Bay, Center for Heart and Health and El Segundo Medical Center, among others.
Refinancing health-care assets
In recent months, several companies received financing for their health-care properties across the U.S. Some of these included Huntington Medical Center’s $19.5 million loan on Long Island, N.Y. The Procter Co. is the owner of the 66,316-square-foot medical office building.
Additionally, Onicx Group secured $29 million refinancing loan from First Citizens Bank for two medical office buildings totaling 132,000 square feet in Florida. That same lender also provided $14.5 million in refinancing for Faros Properties’ Holly Pond Plaza, a 73,060-square-foot medical office building in Stamford, Conn.
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
ground lease, ground leases, net lease, ground leases 101, ground lease nyc, skyline properties, skyline properties nyc, Robert Khodadadian, investment sales, broker, commercial real estate, skyline properties, commercial real estate, NYC real estate, ground lease, Skyline Properties, Skyline NYC, Skyline Properties NYC, New York City Real Estate, ground leases, commercial buildings, apartment buildings, townhouses, mixed use investment building, mixed use user buildings, live plus income buildings, industrial properties, NYC Real Estate, Real estate investment, commercial real estate, robert khodadadian, skyline properties, ground lease, net lease, investment sales, brokerage, manhattan real estate, off market broker, daniel shirazi, Off-market real estate
Read MoreInvestment, Los Angeles, Medical Office, News, West, Deutsche Bank, Gantry Commercial Property ExecutiveAn affiliate of Deutsche Bank provided the financing.
The post Gantry Secures $15M Loan for LA-Area MOB appeared first on Commercial Property Executive.