**JLL Arranges $51M Refinancing for Pacifica Medical Plaza in Irvine**
JLL Capital Markets has successfully arranged a $51 million refinancing for Pacifica Medical Plaza, a 114,209-square-foot medical office building located in Irvine, California. The finance team was led by Senior Managing Director John Chun and Associate Kyle White, who represented the borrower—a new joint venture between Harrison Street Asset Management and Archer Property Partners. The senior financing was secured through Thorofare Capital.
The loan proceeds will be used to refinance an existing bridge loan, allocate funds for tenant improvements and leasing commissions, establish an interest reserve, and cover closing costs. According to Thorofare, Pacifica Medical Plaza is a four-story, Class A facility that underwent a complete renovation in 2022, transitioning from traditional office space to a fully dedicated medical office building. As of now, the property is 64.7% leased.
“Pacifica Medical Plaza is a great example of a successful repositioning of a former office property to medical use, driven in large part by the booming healthcare industry in Southern California and demand for healthcare services,” said John Chun.
The project underscores the growing demand for medical office space amid a robust healthcare sector in the region.
