{"id":1004182502,"date":"2017-06-30T03:29:11","date_gmt":"2017-06-30T11:29:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004182502"},"modified":"2022-12-05T02:32:33","modified_gmt":"2022-12-05T10:32:33","slug":"ca-government-office-lands-128m-in-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ca-government-office-lands-128m-in-financing\/","title":{"rendered":"Easterly Government Closes $128M Medical Financing"},"content":{"rendered":"<p>By Mihaela Coste<\/p>\n<div id=\"attachment_1004182503\" style=\"width: 365px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/26001-Redlands-Blvd-Loma-Linda-Calif..jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004182503\" data-attachment-id=\"1004182503\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ca-government-office-lands-128m-in-financing\/26001-redlands-blvd-loma-linda-calif\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/26001-Redlands-Blvd-Loma-Linda-Calif..jpg\" data-orig-size=\"480,330\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"26001 Redlands Blvd, Loma Linda, Calif.\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/26001-Redlands-Blvd-Loma-Linda-Calif..jpg?w=480\" class=\"wp-image-1004182503 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/26001-Redlands-Blvd-Loma-Linda-Calif..jpg\" alt=\"26001 Redlands Blvd, Loma Linda, Calif.\" width=\"355\" height=\"244\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/26001-Redlands-Blvd-Loma-Linda-Calif..jpg 480w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/26001-Redlands-Blvd-Loma-Linda-Calif..jpg?resize=300,206 300w\" sizes=\"auto, (max-width: 355px) 100vw, 355px\" \/><\/a><p id=\"caption-attachment-1004182503\" class=\"wp-caption-text\">26001 Redlands Blvd, Loma Linda, Calif.<\/p><\/div>\n<p>Easterly Government Properties Inc. closed on a $127.5 million mortgage loan for the Department of Veterans Affairs Ambulatory Care Facility in Loma Linda, Calif. Easterly acquired the 327,614-square-foot asset\u00a0in June 2017. The 10-year non-amortizing loan carries a fixed interest rate of 3.59 percent per year.<\/p>\n<h2>State-of-the-Art Medical Facility<\/h2>\n<p>Located on a 37-acre site at 26001 Redlands Blvd., the asset traded for $212.5 million (less than the expected sale price) and is \u00a0second-largest Veterans Affairs\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/easterly-government-properties-to-acquire-second-largest-va-outpatient-facility\/\">outpatient facility<\/a> in the country. JLL&#8217;s Capital Markets Government Solutions team led by Executive Vice President Brian Saal and Senior Managing Director Bill Prutting closed the transaction.<\/p>\n<p>The property is 100 percent leased to the U.S. Government through May 2036\u00a0for a total initial, non-cancelable lease term of 20 years, offering comprehensive medical services to the 72,000 U.S. veterans who live in the region. The building is situated in close proximity to Interstate 10 and two miles northeast of the federally-owned Jerry L. Pettis Memorial VA Center.<\/p>\n<p>\u201c<em>We are pleased to take advantage of the current low-interest rate environment to lock in a competitive rate, and further extend the average maturity of the Company\u2019s debt to 8.9 years,<\/em>\u201d said Meghan Baivier, Easterly Government Properties\u2019 chief financial and operating officer, in a prepared statement. \u201c<em>We believe this transaction highlights the company\u2019s capital markets expertise and is indicative of the credit quality of its portfolio.<\/em>\u201d<\/p>\n<p>Washington, D.C.-based Easterly Government Properties focuses primarily on the acquisition, development and management of Class A commercial properties leased to the U.S. Government. \u00a0<\/p>\n<p><em>Image courtesy of U.S. Department of Veterans Affair<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 10-year non-amortizing loan is for the Department of Veterans Affairs Ambulatory Care Facility, located in Loma Linda, Calif. The asset was recently acquired by Easterly Government Properties.<\/p>\n","protected":false},"author":1192,"featured_media":1004182503,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1594,21754,21742,15],"tags":[32907,32796],"class_list":["post-1004182502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-los-angeles","category-medical-office","category-latest","category-west","tag-easterly-government-properties-inc","tag-jll"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Easterly Government Closes $128M Medical Financing - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ca-government-office-lands-128m-in-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Easterly Government Closes $128M Medical Financing\" \/>\n<meta property=\"og:description\" content=\"The 10-year non-amortizing loan is for the Department of Veterans Affairs Ambulatory Care Facility, located in Loma Linda, Calif. 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