RMR facilitates $272.1 million refinancing for Cedars-Sinai Los Angeles medical office portfolio
RMR•RMR Group facilitated a $272.1 million interest-only mortgage refinancing for a Cedars-Sinai medical office portfolio in Los Angeles. The loan is secured by two buildings totaling about 330,000 square feet and will repay about $267 million of mortgage debt due in February 2027.
1. Refinancing terms
The financing covers two 11-story buildings at 8631 and 8635 W. Third Street in Los Angeles. It has a two-year initial term, three one-year extension options and a rate of one-month Term SOFR plus 180 basis points. Proceeds repaid about $267 million of mortgage debt due in February 2027, with the remainder covering closing costs.
2. Joint venture and lenders
Diversified Healthcare Trust holds a 20% equity interest in the joint venture. Morgan Stanley and BNP Paribas provided the financing.
