HFF arranges $8.5 million construction financing for medical office building in Riverside, California
SAN DIEGO, CA – April 17, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged an $8.5 million construction-to-permanent financing for a to-be-built, 27,000-square-foot medical office building in Riverside, California.
HFF worked on behalf of the borrower, Pacific Medical Buildings (PMB), to secure the 12-year, fixed-rate loan through a correspondent life insurance company.
Due for completion in January 2019, the entire facility will be leased to RadNet Management, Inc. (NASDAQ: RDNT), and will operate as a cancer center with linear accelerator vault, imaging center and clinical programs. The property is situated at 4536 Olivewood Avenue, adjacent to the Riverside Freeway and just south of its intersection with the Pomona Freeway in the Inland Empire.
HFF’s debt placement team representing the borrower was led by director Zach Koucos and associate Olga Walsh. Jake Rohe, Ben Ryan, and Ben Rosenfeld led the transaction for PMB.
“We’re seeing an increasing number of capital providers taking an interest in the healthcare asset class, particularly with great sponsors such as PMB,” Koucos said.
“Radnet is a leader in value-based healthcare delivery and we are proud to be their healthcare real estate development partner helping them deliver low-cost, high-quality healthcare services to the greater Riverside community,” said Ben Rosenfeld of PMB.
About Pacific Medical Buildings (PMB)
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. PMB specializes 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 90 healthcare projects constructed to date throughout the Western United States. The firm currently owns and manages 56 facilities totaling approximately more than 3.6 million square feet with more than 8,000 structured parking stalls, and has 8 projects under development totaling over 650,000 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 PMB’s website at pacificmedicalbuildings.com.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.