$35.8M in financing secured for two Southern California medical properties

SAN DIEGO, Aug. 7, 2024 –  JLL Capital Markets announced today that it arranged $35.83 million in financing in two separate transactions for 1650 Adams Ave., a 12,436-square-foot medical property in Costa Mesa, California, and 480 4^th Ave., a 64,231-square-foot medical property in Chula Vista, California.

JLL represented the borrower, the Turner Healthcare Facilities Funds, in both transactions.  A $6.7 million, three-year loan was arranged through a regional bank for 1650 Adams Ave and a $29.1 million, seven-year loan was placed through a national healthcare lender for 480 4^th Ave.

1650 Adams Ave. is located just west of the 405 Freeway in the northern part of Costa Mesa, near Irvine and Huntington Beach. Originally built in 1965, the borrower intends to retrofit the recently renovated two-story facility into a community health center for Share Our Selves.

480 4^th Ave is adjacent to the Scripps Mercy Hospital Chula Vista. The property is convenient to both the 5 and 805 Freeways, providing north-south access throughout the San Diego and greater Southern California areas. The borrower intends to renovate a portion of the facility into a community health center for San Ysidro Health and construct a parking garage on the existing parking lot.

The JLL Capital Markets team was led by Senior Managing Director John Chun and Director Matt DiCesare.

“We are thrilled to match lenders that fit with Turner Impact Capital’s needs in a challenging lending environment,” said Chun. “The capital provided allows Turner to implement their business plan of converting the subject properties into state-of-the-art medical facilities.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients – whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.  

Turner Impact Capital is the nation's largest private equity real estate firm exclusively dedicated to social impact. Based in Santa Monica, California, the firm focuses on creating sustainable solutions for many of today's most daunting societal problems by developing and investing in community-enriching infrastructure in densely populated, underserved communities. The firm seeks to generate superior market-rate financial returns by investing in markets with large supply/demand mismatches of core community infrastructure (i.e., workforce housing, public schools, and community-serving healthcare facilities) and a lack of institutional capital.

Turner Healthcare Facilities Funds (THFF) was launched by Turner Impact Capital in December 2017. To date, THFF has committed to over 30 investments serving the primary care needs of and managing overall health outcomes for more than 135,000 low- and moderate-income patients living in medically underserved communities across the country. Please visit our website for more information: turnerimpact.com/thff/.