Portico put in place $267 million in permanent financing for four single-tenant medical office buildings.
A construction-permanent loan is included in the agreement. The assets are 100% leased under long-term agreements at US Department of Veterans Affairs be used as Community Ambulatory Clinic (CBOC) medical facilities.
Provided by one of Gantry’s correspondent life insurance lenders, 20-year loans are separate asset-specific loans placed with a primary sponsor.
“Gantry has a close relationship with the lending community. We service the majority of the loans we fund,” said Gantry Director George Mitsanas. commercial real estate director. “With the current choppy economic waters, it is imperative for us to secure capital that will hold firm if markets continue to deteriorate. When we blocked the necessary funding late last year for the portfolio in question, we deliberately selected a source of capital that met these critical criteria.”
The four properties are located in New Jersey, Florida, Virginia and California.
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An overview of each establishment
The Toms River, NJ, facility will offer 73,000 square feet at 1051 Hooper Ave. in Ocean County. The CBOC is a two-story building that will be adjacent to a new three-story building, with tenants including the Ocean County Board of Human Services and the Office of Veterans Services. The future building will support the services of the current Veterans Affairs CBOC in the area, which is scheduled to close upon completion of the new project.
The Lakeland, Florida facility located at 3550 Lakeland Highlands Road will total 120,573 square feet. The two story asset will cover 2 acres. Once operational, it will serve to consolidate and expand the services currently offered by the Veterans Affairs CBOC building located at 4237 and 4235 South Pipkin Road in Lakeland. This office should close once the new space is operational.
The Chesapeake, Virginia facility is a two-story building on 24.5 acres of land. The property will be a satellite facility of the preexisting Veterans Affairs Medical Center hospital in Hampton, Virginia. It measures 196,183 square feet on the Chesapeake Regional Healthcare campus located on Knells Ridge Boulevard.
The Santa Rosa, California facility is a one-story building on just over 8 acres of land that was completed in early 2022. This 57,579 square foot location will support the administration services of veterans for the California North Coast region.
George Mitsanas, Principal, Peter Hillakas, Principal, and Austin Ridge, Partner, of Gantry’s Los Angeles office represented the Borrower. In an interview with commercial real estate directorMark Ritchie, director of Gantry’s Los Angeles office, explained how we can expect lenders to compete for industrial property-related loans, which will continue as a trend throughout 2022.