$35.8m in financing secured for two Southern California medical properties

JLL Capital Markets has arranged $35.83 million in financing in two separate transactions for 1650 Adams Ave., a 12,436-square-foot medical property in Costa Mesa, Calif., and 480 4th Ave., a 64,231-square-foot medical property in Chula Vista, Calif. 

JLL represented the borrower, the Turner Healthcare Facilities Funds, in both transactions. A $6.7 million, three-year loan was arranged through a regional bank for 1650 Adams Ave, and a $29.1 million, seven-year loan was placed through a national healthcare lender for 480 4th Ave. 

1650 Adams Ave. is located just west of the 405 Freeway in the northern part of Costa Mesa, near Irvine and Huntington Beach. Originally built in 1965, the borrower intends to retrofit the recently renovated two-story facility into a community health center for Share Our Selves