Posted: Monday, June 22, 2009
Rendina Lands $12M Loan for Medical Project
LOS ANGELES-The Rendina Cos. has landed a $12.3 million loan from KeyBank that will help to fund the development of a three-story, 65,000-square-foot medical office building called the Loker Medical Arts Pavilion. Rendina, in conjunction with California Hospital Medical Center, is developing the new building on the campus of the California Hospital Medical Center, a Catholic Healthcare West Hospital, on the corner of Venice Boulevard and Grand Avenue.
Rendina Cos., which operates from offices in La Jolla, Dallas and Jupiter, FL, will provide all development responsibilities for the project, including construction management, leasing and tenant improvement coordination. According to Jerry Clute, president of California Hospital Medical Center, the new facility will enable the hospital to better serve its physician base while attracting new doctors to the area. The primary purpose of the new medical office building will be to house general medical office space for staff and physician practices.
Despite the tough economic times and the difficult credit environment, KeyBank Real Estate Capital vice president Ward Ebbert says that the loan closed because of Rendina's "impressive track record" and the bank's knowledge of the development firm via its ongoing relationship with Rendina Cos. Rendina is headed by Richard M. Rendina, the company's chairman, CEO and president.
The closing of the construction loan for the Loker Medical Arts project follows news recently that Rendina and Health Care REIT Inc. will develop another 65,000-square-foot medical building, this one in Merced, CA. The Merced project will be developed on the campus of the new Mercy Medical Center Merced, also a Catholic Healthcare West Hospital.
Article By: Howard Howard of Globe Street.com