Permanent Loan - Refinance$14,000,000
59,697 sf Office Building
Axiom Capital Corp. announces the closing of a $14,000,000 permanent loan for the refinance of a medical office building in Torrance, CA. The 10 year, non-recourse loan was closed at a fixed rate and included two years of interest only payments. At the time of closing the loan demonstrated a 70% Loan to Value and a 1.25x Debt Service Coverage amortized over 30 years.
The subject property, constructed in 1973, is a four-story 59,697 SF medical office building with 43 office suites ranging from 453 to 1,811 SF. At the time of closing the property was 91% occupied by medical professionals including a Chiropractors office, a Sleep Study office, Dental offices and Laboratory services. The property is one block away from Torrance Memorial Medical Center which was the first hospital in Los Angeles South Bay area and one of just three burn centers in Los Angeles County.
Torrance, CA is located in the south-central portion of the South Bay area of greater Los Angeles. The property has an ideal location due to its access to both the San Diego Freeway (Interstate 405) and the Harbor Freeway (Interstate 110). The neighborhood of the building is idyllic for a medical community with Residential buildings all around, Commercial buildings to its south, Industrial spaces to its east, and office and retail buildings to the West, allowing for the convenience of going to see the Doctor when a patient is at home, working or out shopping.