Gantry, a leading commercial real estate finance firm, has successfully secured a $28 million permanent loan to refinance 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 Torrance Memorial Medical Center.
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 10-year permanent loan was placed with one of Gantry’s correspondent insurance company lenders at an attractive fixed rate featuring a 30-year amortization schedule and pre-payment flexibility after year seven.
According to Mitsanas, properties supporting specialized medical service providers have remained resilient in the post-COVID market due to their vital role in our healthcare system. With strong leasing and need-driven occupancy rates, these properties continue to be desirable investments despite shifts in workstyles and higher debt costs for other types of office buildings. The borrower has secured a long-term lease with one of the top hospital operators in the nation which allowed Gantry to secure competitive financing options from multiple insurance correspondents resulting in maximum leverage for this superior asset.
This successful refinancing deal highlights Gantry’s expertise as well as its extensive network within the commercial real estate finance industry.
