LOS ANGELES—Holliday Fenoglio Fowler has arranged $11 million in financing for two-building medical office portfolio. A joint venture consisting of Pacific Prime Properties and Hager Pacific own the two properties, located at 12665 Garden Grove Blvd. in Garden Grove, Calif. and 10861 Cherry Street in Los Alamitos, Calif.
HFF secured he 20-year, fully amortizing, fixed-rate financing through ING Investment Management.The loan will be used to refinance existing debt and return capital to the borrower.
The Grove Medical Arts Building, in Garden Grove, is a seven-story, 74,367-sq.-ft. building. It is 93.2 percent occupied.
The other property, Los Alamitos Medical Professional Building, is a three-story, 45,866-sq.-ft. property. It is fully occupied.