Cancer Center Underway in Riverside

HFF has arranged financing for a 27,000-square-foot medical office building to be developed by Pacific Medical Buildings. The property will be leased in full to RadNet Management Inc.
Rendering of Pacific Medical Buildings MOB, Riverside, Calif.
Rendering of Pacific Medical Buildings MOB, Riverside, Calif.

HFF has arranged an $8.5 million construction-to-permanent financing for a to-be-built 27,000-square-foot medical office building in Riverside, Calif. HFF’s debt placement team led by Director Zach Koucos and Associate Olga Walsh represented the borrower, Pacific Medical Buildings. Jake Rohe, Ben Ryan, and Ben Rosenfeld led the transaction for PMB. The 12-year, fixed-rate loan was secured through a correspondent life insurance company.

Oltmans Construction Co. designed the two-story core and shell medical office building for PMB. The project calls for a 60,000-square-foot medical office building and a 120,000-square-foot parking structure on a 1.5-acre site. The property is slated for completion in January 2019 and will be leased in full to RadNet Management Inc., which will operate a cancer center with linear accelerator vault, imaging center and clinical programs. Located at 4536 Olivewood Ave., adjacent to the Riverside Freeway and just south of its intersection with the Pomona Freeway in the Inland Empire, the facility is close to Riverside Community Hospital.

Some 19.4 million square feet of outpatient medical real estate projects came online in 2016 and PMB led the way. The company currently owns and manages 56 facilities totaling more than 3.6 million square feet and has 8 projects under development totaling more than 650,000 square feet.

Image courtesy of Oltmans Construction Co.