Adam Portnoy Of The RMR Group Secures $272.1 Million Loan For Medical Office Buildings In Los Angeles

The transaction involves two Class A medical office buildings located at 8631 and 8635 West 3rd Street in Los Angeles, CA. These assets collectively span a total of 330,000 square feet, falling within the medical office sector. The financial aspect of the deal includes a loan amount of $272,100,000 acquired under interest-only terms.

Summary of transaction details:

• Property Type: Medical Office
• Transaction Amount: $272,100,000
• Loan Terms: Interest-only
• Lender: Morgan Stanley & BNP Paribas
• Landlord: Adam Portnoy - The RMR Group
• Market: Los Angeles, CA
• Managing Entity: The RMR Group, on behalf of a managed joint venture
• Existing Debt Refinanced: Approximately $267 million
• Occupancy: Cedars-Sinai and its affiliates occupy about 60% of the properties
• Loan Duration: Two years with three one-year extension options

Adam Portnoy represents The RMR Group in this financing transaction. The involvement of Morgan Stanley and BNP Paribas as lenders highlights their role in providing substantial financial support for this medical office asset on the Cedars-Sinai Medical Center campus.