Optimus Properties JV Lands $52M for Los Angeles MOB

The deal marks one of the metro’s largest refinancing transactions so far this year.

Roxsan Medical Tower. Image courtesy of Optimus Properties

Optimus Properties and its joint venture partners have obtained a $52 million loan to refinance Roxsan Medical Tower, a 58,000-square-foot medical office building in Beverly Hills, Calif. Proceeds will pay out an existing $42 million loan. Working on behalf of the borrower, Continental Real Estate secured the financing with a 3.29 percent interest rate.

Located at 465 N. Roxbury Drive in the heart of Beverly Hills Triangle, the 11-story building came online in 1963 and was completely renovated in 2014, according to CommercialEdge data. The property also includes 4,000 square feet of retail and a multi-level parking structure with a ratio of 4 spaces per 1,000 square feet.

Following the 2014 renovation process led by Kanner Architects and executed by ZDX Industries, the owner further improved the building with a seismic retrofit, among other upgrades. The Class A facility was fully leased at the time of closing to a diverse mix of medical tenants.

Located within walking distance of Rodeo Drive, Roxsan Medical Tower is 2 miles from Cedars Sinai Medical Center and 3 miles from UCLA Medical Center. Up the street is another Optimus property, the 104,000-square foot office property at 450 N. Roxbury Drive that houses The Roxbury Institute. One mile east is a 49,721-square-foot medical office building that changed hands for $74.4 million in March.

Big (on) loans

According to CommercialEdge information, the Roxsan Medical Tower refinancing represents one of the largest loans provided to a medical office property in metro L.A. so far this year. Of the 18 financing deals that closed since January, 13 were single-asset transactions totaling more than $450 million.

Another noteworthy deal involved a 104,869-square-foot property adjacent to Roxsan at 9725 Wilshire Blvd. In February, the ownership refinanced Beverly Hills Triangle Medical Plaza with a $43 million loan from Voya Financial.

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