Gantry, a leading commercial real estate financing firm, has successfully secured a $28 million permanent loan for the Torrance Memorial Lundquist-Lurie Cardiovascular Center in Torrance. The three-story, 65,000-square-foot medical office building is fully leased to physicians and technicians providing outpatient services for the renowned Cedars Sinai-affiliated hospital.
The financing was arranged by Gantry’s Los Angeles office principals George Mitsanas and Braden Turnbull along with associate Alicia Sabanero on behalf of a private real estate company. The borrower received an attractive fixed rate from one of Gantry’s correspondent insurance company lenders with flexible pre-payment options after seven years.
According to Mitsanas, despite market shifts due to COVID-19 affecting various types of office properties such as suburban low rises and CBD towers, specialized medical service providers remain crucial components in our healthcare system. This property boasts strong leasing activity and high occupancy driven by demand for its services. With a long-term lease already in place with one of the top hospital operators in the nation through their subsidiary tenant, Gantry was able to secure competitive loan terms from multiple insurance correspondents resulting in maximum leverage and proceeds for this exceptional asset.
