HFF Closes $81.5 Million Recapitalization of Medical Office Portfolio

Holliday Fenoglio Fowler, L.P. (HFF) recently closed the $81.45 million recapitalization of Stony Brook Technology Center, an eight-building, 261,824-square-foot medical office building portfolio in East Setauket, New York.

HFF represented TRITEC Real Estate, in addition to procuring the partner—a fund advised by UBS Real Estate & Private Markets.

Stony Brook University is one of the major tenants in the portfolio, which is 97% leased.

The HFF team representing TRITEC was led by Senior Managing Directors Jose Cruz and Andrew Scandalios, and helped by Senior Managing Director Michael Gigliotti.

Berkadia Arranges $22.5 Million Loan for Building Conversion in Florida

Berkadia recently arranged a $22.5 million, three-year bridge loan to reposition a former Bank of America office building in West Palm Beach, Florida, REBusiness Online reported.

The borrowers, led by FRI Investors, acquired the 10-story, 110,000-square-foot building in 2016 in an all-cash transaction with the plan to convert the asset into a medical office building.

The building is currently 50% leased to tenants such as Jupiter Medical Center and Mount Sinai Hospital.

Christopher Apone and Charles Foschini from Berkadia’s South Florida office arranged the bridge loan through PCCP LLP with an adjustable interest rate.

Quantum Capital Arranges $34 Million Financing for Medical Office Building in Los Angeles

Quantum Capital Partners recently arranged $33.5 million in construction and permanent financing on behalf of Robhana Group for Downtown West Medical, a 60,000-square-foot, soon-to-be-built medical office building and parking structure in Los Angeles, Commercial Property Executive reported.

Inception Property Group, a developer, broke ground on Downtown West Medical earlier in 2017. The building was designed by Ware Malcomb and is scheduled to be completed in spring 2018.

DaVita Healthcare Partners has signed a long-term lease for the whole building.

Quantum Managing Partners Jonathan Hakakha and Mike Yim led the transaction.

Houlihan Parnes Secures $2.3 Million Loan for New York Medical Office Building 

James Coleman and Jeremiah Houlihan from Houlihan Parnes Realtors recently secured a $2.3 million first mortgage loan for a medical office building in White Plains, New York, REBusiness Online reported.

The 10-year loan was placed with a savings bank has a 30-year amortization schedule and was placed with a savings bank.

The three-story property contains medical tenants, a retail store and a self-service elevator, as well as parking for 60 cars.

Written by Mary Kate Nelson