The RMR Group Inc. has facilitated a $272.1-million interest-only mortgage financing secured by 8631 and 8635 W. Third St., two medical office buildings anchored by Cedars-Sinai Medical Center in Los Angeles. Morgan Stanley and BNP Paribas provided the financing.
The loan has a two-year initial term with three one-year extension options and bears interest at one-month Term SOFR plus 180 basis points. Proceeds from the financing were used to repay approximately $267 million of existing mortgage debt scheduled to mature in February 2027 and to fund closing costs. The collateral consists of two 11-story medical office buildings totaling approximately 330,000 square feet, together with two structured parking garages, located on the campus of Cedars-Sinai Medical Center and connected to the hospital by skybridge.
The portfolio is owned by a joint venture for which RMR provides asset and property management services. The primary owners of the venture are private institutional investors, and Diversified Healthcare Trust, an RMR client, owns a 20% equity interest. Hogan Lovells Cadwalader US LLP acted as counsel to the lenders and Sullivan & Worcester LLP acted as counsel to the borrower.
Photo courtesy of ACCO Engineering Services.
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