The referenced property was built in 1986 as an office building. After purchasing the building in 2005, our borrowers undertook an extensive renovation, totaling $5.8 million, to convert it into a medical office building. The property is located in the heart of Beverly Hills on Wilshire Boulevard. The building’s value derives from its tenants, many of which are among the leading medical practices in Beverly Hills, and because the building is a potential strategic acquisition for several local hospitals, due to the general shortage of medical office buildings in Beverly Hills. The third floor is currently vacant, but the borrower has received LOI’s for $4.80/sf.
Beverly Hills, CA