The interest-only financing carries a two-year initial term with three one-year extension options and is secured by two buildings on W. Third St.
The RMR Group Inc. has arranged a $272.1 million interest-only mortgage secured by two Los Angeles medical office buildings anchored by Cedars-Sinai Medical Center. Morgan Stanley and BNP Paribas provided the financing, Connect CRE first reported.
The loan carries a two-year initial term with three one-year extension options, according to Connect CRE. It is secured by 8631 and 8635 W. Third St.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections
The median senior bond in other SASB and conduit deals held flat; floating-rate data-center AAAs widened 24 bps.
The five-year floating-rate package includes a $527.1 million SASB led left by Morgan Stanley and right by Bank of America, plus a $191.1 million balance-sheet loan from Bank of America.
The loan is expected to close Oct. 15 and includes a $219 million distribution to ownership.
Distributable earnings of 42 cents a share and a $1.95 loss both beat expectations as average investment size fell to $18 million.
Logistics Property Company's four-building Palm Gateway park totals 614,800 square feet and is 61% leased.
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