Wilshire West Medical Tower refinanced with $42.5M loan
JLL Capital Markets led financing efforts for the Los Angeles-area property; continues to see resiliency/strength in the medical office sector
LOS ANGELES – Apr. 29, 2021 – JLL Capital Markets announced today that it has arranged a $42.5 million refinancing for Wilshire West Medical Tower, a 78,702-square-foot, trophy medical office building in the desirable Brentwood neighborhood of West Los Angeles.
JLL worked on behalf of the borrower, a private Los Angeles-based medical office owner/operator, to secure the long-term, fixed-rate loan that yielded a significant return of capital to the ownership. The loan was funded with life insurance capital invested and managed by Blackstone Real Estate Debt Strategies.
Wilshire West Medical Tower is located at 11645 Wilshire Blvd., centrally positioned between Santa Monica and Beverly Hills. The property is leased to a diverse mix of medical office tenants, including physicians, dental practices, plastic surgeons, medical testing and rehabilitation operators and aestheticians.
JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Marc Schillinger and Director Keith Rosso.
“This is our third time financing this trophy asset and we have never had stronger lender interest,” Schillinger said. “This request checked all the boxes, including dedicated high net worth sponsorship, and we were proud to be involved. I believe the pandemic illuminated that medical office is one of the most resilient asset classes and will continue to be a favored collateral type for lenders.“
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.