NEWPORT BEACH, CALIF., July 7, 2021 -JLL Capital Markets announced today that it has arranged financing for 114 Pacifica Court, a 110,392-square-foot, Class A office building in Irvine, California.

JLL worked on behalf of the borrower, Meridian and Harrison Street to secure the floating-rate loan through H.I.G. Realty Partners. The three-year loan has two, one-year extension options.

Loan proceeds will be used to convert 114 Pacifica into a Class A medical office building, which will include adding a three-level parking structure in the north end of the property. In addition, the property is currently 49% occupied and as leases roll over the next two years, ownership will convert the general office tenants to medical office tenants.

Located within the high-barrier-to-entry Irvine Spectrum submarket, the property is strategically positioned near numerous medical office demand drivers, including Hoag Hospital's Irvine campus, the City of Hope Cancer Center project and the UCI Medical Center Irvine-Newport project. 114 Pacifica offers convenient regional access via major transportation routes, including the 5, 405 and 133 Freeways.

The JLL Capital Markets team representing the borrower was led by Managing Director John Chun.

'The Irvine Spectrum submarket has a limited number of available medical office space, and Meridian and Harrison Street have a well laid-out business plan to attract a wide variety of medical office tenants,' Chun noted.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Inc. published this content on 07 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 July 2021 16:24:21 UTC.