Thorofare Capital has provided a $51,000,000 floating rate senior loan for the cash in refinance of Pacifica Medical Plaza, a three-story Class A medical office building totaling 114,211 square feet and situated on 5.11 acres at 114 Pacifica Court in Irvine, California.

Acquired in 2020, the property was converted from traditional office to medical use through a significant capital improvement program that included construction of a new two-level parking structure with 575 stalls, enhanced site work, EV charging stations, and common area upgrades. Additional improvements were made to support medical tenancy, including specialized build outs and tenant ready space. The property is located within the Irvine Spectrum Triangle and sits less than one mile from Hoag Hospital’s Irvine campus and near the City of Hope Cancer Center’s major development.

The property is 64.7% leased to a mix of medical tenants. Activity has improved, with new leases covering 24% of the building and two signed letters of intent that should bring occupancy to about 71.4%. Most tenants sign seven-to-ten-year leases at market rates, and those leases include scheduled annual rent increases.

Loan proceeds were used to refinance an existing bridge loan, fund reserves for tenant improvements and leasing commissions, establish an interest reserve, and cover closing costs. The loan is structured with an initial funded amount at closing and future funding to support leasing costs and stabilization efforts. The interest only loan gives the sponsor flexibility to continue leasing the property and pursue a long-term refinance or sale once the building is stabilized.

The sponsor is an experienced institutional real estate investment partnership with a focus on medical office development, repositioning, and operations across major healthcare-oriented markets.