The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 28, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



ORANGE COUNTY NEWS
Printer-friendly Version   Email an Associate
Welltower Inc Acquires Developer’s Interest in OC MOB Project

1/18/18

In recent development financing activity out of Orange County, HFF closed the partial interest forward sale and arranged the full capital stack of joint venture equity and financing for the construction of the ground up development of Mission Viejo Medical Center, a fully-approved, 104.5k sf, Class A medical office building. The project is situated on the southeast parking field of the Shops at Mission Viejo, a Simon-owned super regional mall, and just steps from the main entrance of Providence St. Joseph’s 523-bed Mission Hospital in Mission Viejo.

HFF’s Evan Kovac and Andrew Milne served as an advisor to the seller, NCA Real Estate, a Newport Beach-based developer, in order to explore strategic options including construction financing, joint venture equity partnerships and a forward sale. Ultimately, Welltower Inc agreed to purchase the developer’s interest and also provide equity and debt capital to the new partnership. Zach Koucos, Olga Walsh and Aldon Cole, also with HFF, arranged the debt placement.

Mission Viejo Medical Center (“MVMC”) was conceptualized by NCA more than eight years ago when it commenced negotiations to acquire the mall site. NCA recognized the synergies between retail and medical office projects and focused on an underutilized part of the mall. It is anticipated that the new project will bring substantial economic benefit to the mall from the patients and employees that will be brought to the mall each day and the mall will serve as a strong amenity to the project. NCA’s development team, led by Dana Whitmer, overcame numerous obstacles to close on the site and gain the necessary entitlements to construct the project.

MVMC will be the first on-campus medical office building constructed in South Orange County in over 10 years. Upon completion in 2019, MVMC will be completely occupied by Mission Hospital and will include a comprehensive cancer center, medical imaging suite, endoscopy center and other significant outpatient services. Designed from the ground up to be a best-in-class facility, MVMC is at the front door of the region’s pre-eminent hospital and ideally situated to serve a rapidly growing population. The building’s functional design was guided by HGA Architects and Engineers and emphasizes flexibility and efficiency. The project is being constructed by Snyder Langston who has been an invaluable resource to NCA throughout the design and engineering process.






Return to the Archive page


 


 
 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media