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. 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.”
Pacific Medical Buildings (PMB) is an integrated medical office building developer and a healthcare real estate partner for health systems, hospitals, medical groups, and universities. They specialize in developing, leasing and managing medical office buildings, ambulatory care centers, clinics, academic medical facilities and parking structures. For more than 40 years, PMB’s executives have led the industry in the development and management of medical care buildings, with 83 healthcare projects constructed to date throughout the Western United States. The firm currently owns and manages 52 facilities totaling approximately 3.5 million square feet with more than 7,000 structured parking stalls, and has four projects under development totaling over 500,000 square feet. The San Diego-based firm also has offices in Austin, Chicago, Las Vegas, Los Angeles, Nashville, Phoenix, Portland and Vancouver. For more information, please visit their website at www.pacificmedicalbuildings.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
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