Los Angeles, CA (January 26, 2014) – CBRE secured three loans for Alvarado Medical Office in San Diego, California for $10.7 million, Dallas and Pampa Medical Office Buildings in Farmers Branch and Pampa, Texas for $8 million, and Centinela Medical Center in Los Angeles, California for $11, totaling $29.7 million.
CBRE’s Capital Markets’ Debt and Structured Finance team, including Bruce Francis, Dana Summers, Bob Ybarra, and Shaun Moothart, have worked on behalf of the borrower for the past several years, successfully arranging financing for their medical office buildings.
The following are the specifics of several medical office deals for which the team has placed the debt on behalf of the borrower:
Alvarado Medical Office
The office includes two adjacent medical buildings located at 5555 Reservoir Drive and 6699 Alvarado Drive, in San Diego. The $10.7 million loan is a new 15-year fixed-rate, fully-amortizing loan that carries an all-in interest rate of 4.15%. The Alvarado Medical Offices are located directly across from the Alvarado Hospital. The building improvements consist of two Class B, three-story multi-tenant medical office buildings totaling 107,330 net rentable square feet.
Dallas and Pampa Medial Office
The four Dallas Medical Office buildings are located at 1, 8, 9 and 10 Medical Parkway in Farmers Branch and the Pampa Medical Office building is located at 3023 Perryton Parkway in Pampa. The $8 million loan is a nine-year loan, financed at an interest rate of 4.07%. The medical offices and are located directly across from the Dallas and Pampa Regional Medical Centers. The building improvements consist of five multi-tenant medical office buildings totaling 232,391 net rentable square feet.
Centinela Medical Office
The two Centinela Medical Office buildings are located at 501 & 575 Hardy Street in Inglewood, California. The $11 million loan is a 15-year loan is fully-amortizing loan with an interest rate of 4.50%. The Centinela Medical Office buildings are located on the campus of the Centinela Hospital Medical Center. The building improvements consist of two multi-tenant medical office buildings totaling 99,474 net rentable square feet.
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.
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