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Medical Office Remains Lender Fav After COVID’s Wrath

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.”

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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