California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Highland Realty Capital Arranges Permanent Loan on Tarzana MOB
Renton, LLC has received a $47.5-million permanent loan to refinance the construction loan on Tarzana Medical Atrium, located at 5411 Etiwanda Ave. in Tarzana. The borrower was advised by El Segundo-based Highland Realty Capital.
Brad Sevier, president of Highland Realty Capital, said the property—a three-story, 89,793-square-foot Class A medical office building—wasn’t stabilized when he began the assignment. “The property was 84% leased when we started marketing, but the two largest tenants had not yet taken occupancy,” he said. “The high quality of the building and the location next to the hospital helped us get lenders comfortable. We received a lot of competitive loan proposals and were able to lock in a 3.26% fixed rate before the big run-up in rates.”
The property is situated across the street from Providence Cedars-Sinai Tarzana Medical Center, currently undergoing a modernization and expansion slated for completion in 2023.
- ◦Financing
