The RMR Group Announces $272 Million Refinancing of Cedars-Sinai Medical Office Portfolio in Los Angeles
Key Highlights
- ➤$272.1 million refinancing secured by Cedars-Sinai medical office portfolio
- ➤Two-year interest-only loan carries one-month Term SOFR plus 180 basis points
- ➤Portfolio includes two 11-story buildings totaling approximately 330,000 square feet
- ➤Cedars-Sinai and affiliates occupy approximately 60% of rentable space
- ➤DHC owns a 20% equity interest in the managed joint venture
Expert Statements
Adam Portnoy, President and Chief Executive Officer of The RMR Group
“This refinancing reflects the quality of this medical office portfolio, which is located on the campus of one of the nation's leading healthcare institutions. By refinancing its upcoming maturity with a new loan that provides term extension flexibility, the joint venture is well positioned to continue benefiting from the portfolio's strong anchor tenancy, strategic location and attractive long-term fundamentals. The successful execution of this transaction underscores the value of RMR's integrated real estate platform and our ability to deliver capital solutions that support our clients' investment objectives.”
The RMR Group Announces $272 Million Refinancing of Cedars-Sinai Medical Office Portfolio in Los Angeles
The RMR Group Inc. (Nasdaq: RMR) (link) today announced on behalf of its managed joint venture that it has facilitated a $272.1 million interest-only mortgage financing secured by 8631 and 8635 West Third Street in Los Angeles, California. The loan has a two-year initial term with three one-year extension options and bears interest at one-month Term SOFR plus 180 basis points. Proceeds from the financing were used to repay approximately $267 million of existing mortgage debt scheduled to mature in February 2027 and to fund closing costs.
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