LA-Area MOB Lands $51M Refi

By IvyLee Rosario 

Ventana Medical Plaza

TriStar Realty Group received a $51 million loan to refinance construction debt on Ventana Medical Plaza, its off-campus medical office building located in Tarzana, Calif. Capital One secured the loan on behalf of TriStar and Geoff Arrobio of Walker & Dunlop provided advisory services to the company. 

The 120,000-square-foot asset is the first new medical office building to open in the area within the last 20 years. The building includes a 600-space parking garage, 4,200 square feet of first floor retail and offers quick access to the Providence Tarzana Medical Center, a 249-bed care hospital that is part of Providence St. Joseph Health.

Additional Use to Come

Located at 18131 Ventura Blvd., the four-story facility will open a 17,000-square-foot foot surgery center, which will act as part of the 43,000 square feet that St. Joseph Health leases at the building. The asset will also feature a 63,000-square-foot cancer center, the largest in the San Fernando Valley.

“Our team has significant experience in construction takeout financing, and was able to leverage the value created by the leases above and beyond the cost to construct the building,” said Erik Tellefson, Managing Director for Capital One Healthcare, in prepared remarks. “We structured the loan to allow for multiple future fundings as tenants take physical occupancy of the building.” 

Earlier this year, Capital One arranged for a $535 million loan to fund Starwood Property Trust Inc.’s acquisition of a 34-property MOB portfolio spanning across 12 states.

Image courtesy of Yardi Matrix