Tristar Realty Secures $50M for Los Angeles MOB

April 19, 2024

Medical Office Finance Los Angeles NewsMoreWest

First Citizens Bank originated the loan.

Property at 18133 Ventura Blvd., Tarzana, Calif. — Ventana Medical Plaza also includes 4,200 square feet of ground-floor retail. *Image courtesy of CommercialEdge*

Tristar Realty Group has secured a $50 million refinancing loan for Ventana Medical Plaza, a 112,000-square-foot Class A medical office building in Tarzana, Calif. First Citizens Bank’s Healthcare Finance business originated the note.

The developer purchased the 2.5-acre site—which at the time included a 20,000-square-foot retail building dating back from the 1950s—in 2008. Ventana came online in 2017, the same year Tristar refinanced the corresponding construction debt with a $51 million loan from Capital One.

Rising four stories, the medical office building features 30,964-square-foot floorplates, as well as 4,200 square feet of retail space. The property also comprises a six-story detached parking garage providing 5 spaces per 1,000 square feet.

Providence Health System and Cedars Sinai Medical Center co-anchor Ventana Medical Plaza. The facility also includes facilities for MRI and PET/CT scans, as well as an 8,000-square-foot linear accelerator for radiation-based cancer treatment and a 12,500-square-foot surgery center.

Located at 18133 Ventura Blvd., Ventana Medical Plaza is less than 1 mile south of U.S. Route 101 and roughly 6 miles west of Interstate 405, as well as some 21 miles northwest of downtown Los Angeles. The property is also close to Providence Cedars-Sinai Tarzana Medical Center, which recently underwent a $624 million expansion project.

First Citizens Bank’s health-care deals

First Citizens Bank’s Healthcare Finance business has had a steady stream of activity in the past 12 months. Last September, it provided Onicx Group with $29 million for the refinancing of two Florida medical office buildings.

Also in September, First Citizens’ division of Silicon Valley Bank originated a $14.5 million loan used by Faros Properties to refinance a 73,060-square-foot medical facility in Stamford, Conn.

A month prior, a joint venture led by Rethink Healthcare Real Estate secured a $50.3 million loan for a 169,000-square-foot medical office building in Silver Spring, Md. First Citizens’ Health Care division provided the financing.