LOS ANGELES and IRVINE, Calif. – September 8, 2017 – Berkadia today announced the recent financing of Pinnacle Medical Office, a primary care office in Scripps Ranch, San Diego. Managing Director Jackson Cloak secured the $29 million permanent refinancing on behalf of the borrower, LP Scripps Lot 1 LLC, through Wells Fargo. The deal closed on August 30.
The 10-year fixed rate loan is interest-only for the full term and features a 4.30 percent fixed interest rate.
“We’re very pleased to have secured these loan terms and structure for Pinnacle Medical Office ownership,” Cloak said. “This property was ripe for refinancing due to long term tenants, continued high occupancy, high barriers to entry and the borrower’s long term ownership goals. The property’s characterisitcs and our long-time relationships with the borrowers positioned the owners and Berkadia to execute with precise timing for the market and borrower objectives.”
Located at 10670-10672 Wexford Street, Pinnacle Medical Office provides services including primary care, wellness exams, treadmill stress testing, annual physicals, DOT examinations, sports and camp physicals, full laboratory testing, vaccinations, and pre-operative clearance.