June 26, 2022 Breaking News, Latest News, and Videos

Wilshire West Medical Tower Refinanced With $42.5M Loan

$42.5 million in refinancing for Wilshire West Medical Tower

By Chad Winthrop

A commercial property capital firm has landed $40 million in refinancing for an 12-story Wilshire Boulevard medical tower with a penthouse.

As announced in an April 28, press release, JLL Capital Markets recently landed $42.5 million in refinancing for Wilshire West Medical Tower in Brentwood.

Wilshire West Medical Tower, located at 11645 Wilshire Boulevard, contains of eleven-stories, plus a penthouse, with panoramic views of Los Angeles. According to LoopNet, the building was built in 1978, renovated in 1999 and again in 2005.

The property currently includes 78,702 square feet of medical office leased to a 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, a private Los Angeles-based medical office owner/operator, to secure the long-term, fixed-rate loan that yielded a significant return of capital to the ownership. The loan was funded with life insurance capital invested and managed by Blackstone Real Estate Debt Strategies.

JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Marc Schillinger and Director 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, and we were proud to be involved. I believe the pandemic illuminated that medical office is one of the most resilient asset classes and will continue to be a favored collateral type for lenders.“

Related Posts

The Los Angeles Real Estate Market May Finally Be Slowing Down

June 24, 2022

June 24, 2022

Real estate sales drop 21 percent in past year By Dolores Quintana The Los Angeles real estate market is showing...

Redevelopment Complete of Former Westside Pavilion Macy’s

June 24, 2022

June 24, 2022

Developer announces complete of West End at Pico and Overland Developer HLW, on behalf of GPI Companies and in partnership...

Mayor Himmelrich’s Tax Transfer Measure Is Favored to Qualify for the November Election

June 24, 2022

June 24, 2022

In a cursory review, the City Clerk’s office verified 10,277 of the over 11,000 signatures  By Dolores Quintana Santa Monica...

Active Shooter Training Set for Santa Monica Middle School Friday

June 23, 2022

June 23, 2022

Drill to take place at John Adams Middle School Friday morning By Sam Catanzaro ​​An active shooter training will take...

Metro Church and Cafe Fundraising To Keep Space in Santa Monica

June 23, 2022

June 23, 2022

Non-profit church and coffee shop shut down following false vermin complaint By Dolores Quintana Metropolis Santa Monica is a multi-use...

New Coffee Shop Open on Montana Avenue

June 23, 2022

June 23, 2022

Go Get ‘Em Tiger up and running on corner of Montana and 10th  By Dolores Quintana A new coffee shop...

15-Year Department Veteran Selected as Santa Monica’s Next Director of Library Services

June 22, 2022

June 22, 2022

Erica Cuyugan leads Santa Monica Public Library After performing a nationwide search, the City of Santa Monica recently selected Erica...

Cardboard City Returning to Santa Monica This Weekend

June 22, 2022

June 22, 2022

5,000 square foot innovative pop-up art installation returns June 25 with opening ceremony  Cardboard City, a 5,000 square foot innovative...

The Book Jewel Celebrates Pride Month as a Community

June 22, 2022

June 22, 2022

Westchester bookstore hosting series of events this month The Book Jewel in Westchester is hosting several events this month that...

Santa Monica Resident Injured in Apartment Fire

June 21, 2022

June 21, 2022

Pico Neighborhood apartment catches fire last week By Sam Catanzaro A Santa Monica resident was injured in an apartment fire...

Bonin Requests Lease Extension for a Bridge Home Homeless Shelter

June 21, 2022

June 21, 2022

Motion currently pending in City Council committee  By Sam Catanzaro Los Angeles City Councilmember Mike Bonin is pushing to extend...

Mountain Lion Killed by Vehicle Near the Same Spot Her Mother Was Fatally Struck in 2018

June 21, 2022

June 21, 2022

P-54 killed on Las Virgenes Road last Friday By Sam Catanzaro Not too far from where her mother was hit...

Rent Board Has Approves Highest Rental Increase In 40 Years: Santa Monica Beat – June 20th, 2022

June 20, 2022

June 20, 2022

Local news and culture in under 5 minutes.* Rent Board Has Approves Highest Rental Increase In 40 Years * Recreational Marijuana...

Santa Monica Families Earning Upwards of $190,000 Can Qualify for Mortgage Relief

June 17, 2022

June 17, 2022

State expands California Mortgage Relief Program By Sam Catanzaro Santa Monica families earning upwards of $190,000 can qualify for mortgage...