Gantry secured a $28-million permanent loan to refinance the Torrance Memorial Lundquist-Lurie Cardiovascular Center located at 2841 Lomita Blvd. in Torrance. 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.

Principals George Mitsanas and Braden Turnbull and associate Alicia Sabanero with Gantry’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.

Mitsanas said, “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.”

Phillips Realty Capital has secured $27.8 million in equity financing on behalf of Woodfield Development for the development of Morrison Yard, a 380-unit multifamily community in Charleston’s NoMo neighborhood.

Construction has commenced on the site, which will consist of a 10-story, concrete high-rise building and a six-story wood-framed mid-rise building, each featuring studio, one, two, and three-bedroom floor plans. The complex will feature ground-floor retail, a two-story parking structure, a clubhouse, eight open courtyard spaces, multiple water features and views of Charleston.

Argosy Real Estate Partners (AREP) provided a joint venture equity investment for the property. The project is AREP’s fourth qualified Opportunity Zone investment. The equity investment was structured by Adam Bieber of Phillips Realty Capital.

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