Argosy JV Obtains $34M Refi for Sacramento MOB
Sutter Health is the property’s tenant.
A joint venture between Revitate’s opportunity zone platform, RevOZ Capital, and Argosy Real Estate Partners has received a $34.1 million construction-to-perm loan for SixSixty, a medical office building in Sacramento, Calif.
JLL Capital Markets arranged the seven-year loan through Siemens Financial Services.
Located at 660 J St. in downtown Sacramento, SixSixty is a Class A building totaling 124,076 square feet. The four-story property last traded in 2020, according to CommercialEdge data. Western Alliance Bank originated a $24.5 million loan for the property in 2023, the same source shows.
SixSixty was developed in 1984 and underwent a full renovation following its 2020 acquisition. The multi-year refurbishment included interior and exterior improvements. Common areas and building systems were upgraded and new steel and floor-to-ceiling glass windows were installed. According to CommercialEdge, the transit-oriented property is situated in an opportunity zone, with eight stations within a quarter mile of the facility.
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JLL’s Capital Markets Debt Advisory team, which represented the borrower, was led by Senior Managing Directors Jeff Sause and John Chun.
Major medical office tenant
Earlier this year, Cushman & Wakefield represented the joint venture in securing Sutter Health as the property’s tenant. The company has agreed to lease 97 percent of the building’s rentable square footage. Sutter Health will utilize the space to operate its Advanced Orthopedics & Sports Medicine Care Complex, which is expected to open in late 2027, as reported by Healthcare Real Estate Insights.
The building is adjacent to the Golden 1 Center and will address the area’s growing demand for orthopedic specialty medicine, which is currently experiencing shortages. The services are set to include orthopedics, sports medicine and concussion clinics, physical therapy, nutrition support, an ambulatory center and sports psychology.
SixSixty is within walking distance of several dining and retail options. The Sacramento International Airport 11 miles from the property.
Previously in the Sacramento area, Sutter Health and PMB constructed the Sutter Roseville Medical Center campus in Roseville, Calif. The building totals 100,000 square feet and houses the Graduate Medical Education program. Sutter Roseville Medical Center is within approximately 23 miles from SixSixty. Construction began in 2023, and the property opened in 2024.
In December, a subsidiary of Fenway Capital Advisors received a $16.7 million refinancing loan for 100 Howe, a 130,000-square-foot Class A office complex between Sacramento’s Campus Commons, Highway 50 and Sierra Oaks office submarkets. JLL Capital Markets secured the financing through Goldman Sachs. Tenants include the California State Lands Commission and Mutual of Omaha.
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