DALLAS (August 14, 2014) — CBRE Capital Markets secured the financing for Chino Hills Professional Plaza, a Class A medical office facility in the affluent Los Angeles suburb Chino Hills. CBRE worked on behalf of StoneCreek Company, a local development and investment firm with a focus on medical and healthcare related real estate. Jacksonville, Florida-based Everbank provided the $8 million fixed-to-floating rate financing, which was utilized to refinance the asset and pay off an existing CMBS note for the owner.
Developed by StoneCreek in 2004, Chino Hills Professional Plaza is an institutional-quality medical office building totaling 40,000 square feet. The property has excellent visibility and accessibility at the intersection of Grand Avenue and Chino Hills Parkway, and benefits from superior demographics and market fundamentals in the surrounding community.
Marketing Research Association rated Chino Hills an A+ medical market, scoring it better than 98.9% of markets surveyed nationally. The property is 88% leased to a strong tenant roster and is anchored by Pomona Valley Hospital Medical Center, one of the premier healthcare systems in the region.
Greg Greene and CBRE Capital Market’s Debt & Structured Finance team in Dallas sourced and secured the replacement financing on behalf of the borrower.
“StoneCreek’s experience and successful track record in the medical office arena, coupled with the investment-grade tenancy of Pomona Valley were the primary drivers to obtaining attractive debt metrics for this transaction,” said Mr. Greene. “Everbank was an ideal fit for the financing because of their knowledge of the Chino Hills market and ability to provide a high level of prepayment flexibility for the borrower. Both parties did a great job working together to get the deal closed.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About StoneCreek Company
Founded by Clay Corwin in 1993, StoneCreek Company is a privately held real estate development, investment and management firm based in Rancho Santa Margarita, California. The company has extensive background and experience with various types of commercial and residential development projects as well as large-scale land development. In recent years, StoneCreek’s market focus has been in the development of medical and healthcare properties. Since inception, the company has developed and managed 18 properties.
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
Comments are closed, but trackbacks and pingbacks are open.