$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.“