As the pandemic’s lessons are revealed, one surety is that medical office is one of the most resilient asset classes and will continue to be a favored collateral type for lenders, say brokers associated with a recent financing. This $42.5 million loan was obtained for Wilshire West Medical Tower, a 78,702-square-foot medical office building in the Brentwood neighborhood.
The loan was funded with life insurance capital invested and managed by Blackstone Real Estate Debt Strategies. The borrower was a private Los Angeles-based medical office owner/operator.
Wilshire West Medical Tower is located at 11645 Wilshire Blvd., centrally positioned between Santa Monica and Beverly Hills. The property is leased to a diverse mix of medical office tenants including physicians, dental practices, plastic surgeons, medical testing and rehabilitation operators, and aestheticians.
JLL worked on behalf of the borrower to secure the long-term fixed-rate loan. The team was led by Marc Schillinger and Keith Rosso.
“This is our third time financing this trophy asset and we have never had stronger lender interest,” Schillinger said. “This request checked all the boxes including dedicated high net-worth sponsorship. I believe the pandemic illuminated that medical office is one of the most resilient asset classes.”
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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