JLL Capital Markets arranged a $51-million refinancing for Pacifica Medical Plaza, a 114,209-square-foot medical building in Irvine. Senior managing director John Chun and associate Kyle White worked on behalf of the borrower, a newly formed joint venture between Harrison Street Asset Management and Archer Property Partners, to secure the senior financing through Thorofare Capital.
Loan proceeds were used to refinance an existing bridge loan, fund reserves for tenant improvements and leasing commissions, establish an interest reserve and cover closing costs, according to Thorofare. Pacifica Medical Plaza is a four-story, Class A building that was fully renovated in 2022 from a traditional office building to 100% medical office use. The property is currently 64.7% leased.
“Pacifica Medical Plaza is a great example of a successful repositioning of a former office property to medical use, driven in large part by the booming healthcare industry in Southern California and demand for healthcare services,” said Chun.
