Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $28 million permanent loan to refinance the Torrance Memorial Lundquist-Lurie Cardiovascular Center located at 2841 Lomita Blvd in Torrance, a South Bay submarket city within Los Angeles County. The three-story, 65,000-square-foot medical office building is 100% leased for use by physicians and technicians providing outpatient services on behalf of Torrance Memorial Medical Center, a full-service Cedars Sinai-affiliated hospital.

Gantry’s George Mitsanas, Principal, Braden Turnbull, Principal, and Alicia Sabanero, Associate, with the firm’s Los Angeles (El Segundo) office secured the financing on behalf of the borrower, 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 30-year amortization and pre-payment flexibility after year seven.

According to Gantry’s George Mitsanas, “Medical office remains one of the most desirable asset types for our insurance correspondents because of its strong demand fundamentals. Gantry has successfully secured billions in financing for a range of these property types, from private medical offices to significant CTL leases for VA and other government facilities. While many office property types, from suburban low rise to CBD towers, are struggling with post COVID market shifts to workstyle and the higher cost of debt, properties supporting specialized medical service providers remain a vital component to our health care system. These properties continue to demonstrate strong leasing and need-driven occupancy. Our sponsor client has a long-term lease in place with a subsidiary of one of the top hospital operators in the nation, which allowed us to shop this loan with several of Gantry’s insurance correspondents, ultimately resulting in a loan that maximized both leverage and proceeds for a superior asset.”