Los Angeles Medical Office Building Gets $50M Refi

TARZANA, CA–Jacksonville, FL-based First Citizens Bank recently revealed that its Healthcare Finance business served as sole lender on $50 million in financing for an affiliate of Tristar Realty Group for the refinancing of Ventana Medical Center.

The Ventana is a 122,000-square-foot class A medical office facility in Tarzana, CA, a suburban section of the San Fernando Valley region of Los Angeles. It is co-anchored by Cedars Sinai Medical Center and Providence Health System-Southern California.

According to Daniel Kashani, founder and CEO of Tristar Realty Group, “With its modern facilities, strategic location and premier tenants, The Ventana is an outstanding medical office building. We appreciated the deep industry knowledge of the First Citizens Medical Office Banking group and their ability to provide solid guidance and efficiently execute and close on this financing.”

William Douglass, managing director and group head for First Citizens Healthcare Finance, notes that “Tristar Realty is well-known for their expertise in developing and managing top-quality medical properties.”

Steve Reedy, a managing director and head of medical office banking in Healthcare Finance, adds that “Ventana Medical Center is a premier, first-class facility that provides important clinical care to the San Fernando Valley and is anchored by two investment credit rated health systems. We appreciate the opportunity to expand our banking relationship with Tristar Realty through this financing. We look forward to having the opportunity to work with the Tristar team on additional future projects.”