Boulevard Investment Group has obtained $48 million in refinancing for Good Samaritan Medical Tower, a 144,998-square-foot medical outpatient facility in Los Angeles. Voya Financial provided the loan.
Previous financing included a $42.7 million CMBS loan from Wilmington Trust and originated by Deutsche Bank Trust in September 2015, according to Yardi Research Data. That note matured this month.
Loan originations in the medical office sector increased 77 percent compared to the same period last year, according to a second-quarter MBA report. On a quarter-over-quarter basis, originations jumped by 90 percent.
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Located at 1127 Wilshire Blvd., the 15-story medical office building is close to Highway 110 and 1 mile from downtown Los Angeles. Los Angeles International Airport is 17 miles away. Other medical providers in the area include Children Dental World Olympic and L.A. Downtown Medical Center, as well as the adjacent PIH Health Good Samaritan Hospital.
Boulevard Investment Group acquired the property in May 1999 from Lawrence Realty Group, the same source shows. The firm paid $7.3 million for the asset.
Completed in 1964, the facility went through cosmetic renovations in 2000 and 2014. The building has floorplates ranging from 6,000 to 10,000 square feet, 345 parking spaces and 1,500 square feet of retail space. Tenants include Quest Diagnostics, Westwood Dental Smile and California Skin Institute.