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4/11/17
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Robhana Group has obtained $33.5 mil in permanent and construction financing for the development of a 60k sf medical office building and parking structure in Downtown Los Angeles. The new Healthcare Partners outpatient facility is being constructed on a 2.9-acre site at 1120 West Washington Blvd, near the I-10 and CA 110 interchange in downtown Los Angeles.
Robhana acquired the development site in 2012. They have since signed DaVita Healthcare Partners to a long-term lease for the entire building.
Quantum Capital Partners Jonathan Hakakha and Mike Yim arranged the financing. In addition to the construction loan, the financing solution also included a permanent loan, which was secured by the fully occupied 50k sf building that sits adjacent to the new development. Recapitalizing an existing building where cash-out proceeds are used for new construction on the same parcel presented a huge challenge, according to Hakakha.
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