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8/22/24
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Turner Healthcare Facilities Funds has obtained $35.83 mil in financing in separate transactions for two SoCal properties. The properties are 1650 Adams Ave, a 12.4k sf medical property in Costa Mesa, and 480 4th Ave., a 64,.2k sf medical property in Chula Vista.
John Chun and Matt DiCesare with JLL Capital Markets arranged the financings. The capital will allow Turner to implement their business plan of converting the subject properties into state-of-the-art medical facilities.
One of the deals was a $6.7 mill three-year loan through a regional bank for 1650 Adams Ave. The property is located just west of the 405 Fwy 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.
The other transaction was a $29.1 mil, seven-year loan placed through a national healthcare lender for 480 4th Ave. The property is adjacent to the Scripps Mercy Hospital Chula Vista, convenient to both the 5 and 805 Freeways, providing north-south access throughout the San Diego and greater Southern California areas. The borrower intends to renovate a portion of the facility into a community health center for San Ysidro Health and construct a parking garage on the existing parking lot.
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