February 12, 2020
A six-building portfolio of new construction, medical office projects fully-leased to the Veterans Administration has received $703 million in construction-to-permanent financing ($373,000,000 in construction and $330,000,000 in permanent funding) with pre-leasing in place.
The portfolio includes locations in Chula Vista, CA; San Diego, CA; Redding, CA; New Port Richey, FL; Tulsa, OK; and an undisclosed confidential location.
A production team of Peter Hillakas and George Mitsanas from commercial mortgage banker Gantry’s LA Office arranged the financing with a pension fund lender. Both the construction and permanent loans will be serviced by Gantry.
According to Hillakas, “We were engaged prior to the lease award for each of these assignments and that allowed us to help assess the feasibility of each project and craft a financing structure, which resulted in our clients winning multiple lease awards from the federal government.”
For comments, questions or concerns, please contact Chris Egger