LOS ANGELES, CA—Eagle Group Finance announced that it has provided a $17 million refinance loan to a private ownership group for a medical office building located at 8900 Wilshire Boulevard in the heart of Beverly Hills.
The primary purpose of the loan is to refinance an existing loan that is maturing. The remainder of the two-year, non-recourse loan will be used for tenant improvements and building upgrades.
“The property is located in one of the most sought-after business corridors in Beverly Hills,” said Eagle Group Finance President Brian Good. “There is a limited amount of rentable medical space in Beverly Hills, and the demand from medical tenants is overwhelming. We are confident that the borrower will lease up its available space with a high quality medical tenant.”
Mr. Good added, “This loan served the needs of the borrower by providing capital quickly and at market rates. We feel this is a conservative loan given the high quality nature of the collateral and what we believe is a low loan-to-collateral value.”