Harrison Street Asset Management And Archer Property Partners Refinance Medical Office In Irvine For $51M

The 114 Pacifica Medical Plaza, located in Irvine, California, is a four-story medical office building encompassing 114,209 square feet. It has recently undergone refinancing with a loan amount of $51,000,000, featuring interest-only terms. The building is 64% leased, hosting tenants such as CHOC and Hoag. The property was previously financed by an H.I.G. Capital loan of $51.3 million originated in 2021.

Summary of transaction details:

• Property Type: Medical Office
• Transaction Amount: $51,000,000
• Lender: Thorofare Capital
• Landlord: Christopher Merrill - Harrison Street Asset Management; Archer Property Partners
• Brokers: John Chun & Kyle White - JLL

The refinancing deal was arranged by JLL Capital Markets as part of a new joint venture between Harrison Street Asset Management and Archer Property Partners. This transaction exemplifies continued investment in the healthcare real estate sector, specifically for properties that support well-established healthcare tenants.