LOS ANGELES, June 24, 2021 /PRNewswire/ -- An affiliate of Optimus Properties, LLC and their co-owners have procured a new $52,000,000 loan on the Roxsan Medical Tower, which will replace the existing $42,000,000 loan.
The interest rate on the new loan is 3.29%.
Located in the heart of Beverly Hills Triangle, the Roxsan Medical Tower consists of 11 stories, and approximately 58,000 sq. ft, of premium Class A medical office space currently 100% leased to top tier medical tenants. The building also offers excellent views, with exposure and easy parking access along S. Santa Monica Boulevard.
A multi-million dollar renovation of the building was completed in 2013 by award winning architecture firm Kanner Architects, and the latest refinance comes on the heels of substantial further improvements, including a seismic-retrofit throughout the building.
K. Joseph Shabani, Principal at Optimus Properties noted that, "Optimus continues to diligently implement its proven investment plan and management strategy. We continuously and rigorously review financial terms for our entire portfolio to identify opportunities to provide greater returns to our investors by augmenting terms." The company returned 100% of capital with the refinance proceeds. Continental Real Estate arranged the financing.
Optimus has been aggressively taking advantage of the current rate environment. In addition to two other refinances currently being negotiated, the company recently refinanced a portfolio of 6 properties with proceeds in excess of $20.4M, along with a loan on three urban shopping centers.
It has also been steadily expanding its Southern California commercial portfolio, closing on the acquisition of a Bank of America leased property back in May. The company is currently in the midst of closing on 6 additional assets, including 3 throughout the Hollywood area, and is looking for further opportunities in the distressed note space.
About Optimus Properties
Optimus Properties, LLC is headquartered in Los Angeles, California, and is engaged in the acquisition, development, leasing and management of multi-family, retail and commercial real estate. The Company employs a disciplined investment approach focused on value creation and capital preservation. The Company's investments are characterized by direct principal involvement and a meaningful contribution of its principals' capital. The Company's current portfolio consists of retail, office, medical office and multi-family properties in California, Washington and New Mexico.
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SOURCE Optimus Properties, LLC