The Robhana Group scored $38 million in refinancing loans for three commercial properties in the Pico-Union neighborhood near Downtown Los Angeles.
The L.A.-based firm’s portfolio includes 110,000 square feet of commercial space located on a two-acre lot at 1120-1122 Washington Boulevard.
Silverpeak Argentic provided $28 million in financing. An unnamed New York lender provided the remaining $10 million. The deal was split into two loans – a long-term debt for the medical facility, and shorter-term debt for the multi-tenant building and parking structure.
Beverly Hills-based Quantum Capital Partners secured the funds for Robhana Group. The same firm arranged the financing to acquire the multi-tenant building and development site in 2012, as well as the construction financing for the medical office facility and parking structure in 2017.
The three Robhana Group properties include the new 60,000 square-foot Downtown West Medical facility and an urgent care clinic operated by Healthcare Partners, the recently renovated 50,000 square-foot multi-tenant office building, and a new nine-story parking structure serving both buildings.
Increasing demand from healthcare, biotech and life science industries dominated the office real estate market in Southern California last year. Commercial real estate firm Avison Young projects these industries will continue to drive office leasing through 2019.
In January, Alabama-based developer B2 Partners sold a medical office property in Alhambra to Jinbo Holdings LLC shortly after completing it and leasing it to dialysis giant DaVita, Inc. for a 15-year term. The developer purchased the 1.2-acre property in 2016 for $5.5 million. In December, the same firm sold a 11,450-square-foot medical office building in San Gabriel for $11.2 million.