HFF secured an $8.5-million construction-to-permanent financing loan for a planned 27,000-square-foot medical office building in Riverside, CA. HFF worked on behalf of the borrower, San Diego-based Pacific Medical Buildings (PMB), to secure a 12-year, fixed-rate loan through a correspondent life insurance company.
Due for completion in January 2019, the entire facility will be leased to RadNet Management, Inc. It will operate as a cancer center with linear accelerator vault, imaging center and clinical programs.
The property is located at 4536 Olivewood Ave., near the intersection of Interstate-91 and the 60 freeway.
HFF’s debt placement team of Zach Koucos and Olga Walsh represented the borrower. PMB’s Jake Rohe, Ben Ryan, and Ben Rosenfeld handled the transaction for the seller.
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