Five Medical Properties Refi to the Tune of $58M

A $58.2 million loan has been secured for Pacific Coast Holdings Investment (PCHI) in the refinancing of a five-property healthcare portfolio in Orange County. The portfolio consists of three acute-care hospitals leased to KPC Healthcare, one long-term acute care hospital leased to Kindred Healthcare and a vacant medical office building.

Four of the healthcare facilities, Orange County Global Medical Center, South Coast Global Medical Center, Kindred Hospital and the vacant building, are located in Santa Ana and the fifth facility, Anaheim Global Medical Center, is located in Anaheim. The 621,000-square-foot 703-bed portfolio was more than 97 percent leased at the time of sale.

Sabrina Solomiany and Zack Holderman of CBRE arranged the loan on behalf of the owner of the portfolio, PCHI, a local real estate investment group. Jonathan Bloch and Jennifer Eiteljorg at Brownstein Hyatt represented the owner.

“This transaction was performed and completed as the hospitals were facing the added obstacles of the COVID-19 pandemic,” said Solomiany. “Our team conducted a thorough marketing campaign which included approximately 30 lenders comprised of banks, debt funds and life insurance companies before finding the perfect lender to execute such a complex transaction.”