LOS ANGELES, CA – April 22, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured financing for Canyon Springs Hospital, a 57,479-square-foot intermediate care inpatient facility in Cathedral City (Palm Springs), California.
HFF worked on behalf of Western Avenue Capital to arrange the 10-year, fixed-rate loan through Rabobank, N.A. Loan proceeds are being used to implement a capital improvement plan at the property and fund future acquisitions.
Canyon Springs Hospital has been fully leased to the Department of Development Services (DDS) since 2000. DDS operates an inpatient care facility for adults with developmental disabilities and challenging behavior issues at the site and employs approximately 150 office employees that focus on administrative matters and department related business. Situated on 19.34 acres at 69696 Ramon Road, Canyon Springs Hospital is within close proximity to Palm Springs and has easy access to Interstate 10.
The HFF debt placement team representing the borrower was led by senior managing director Peter Smyslowski, associate director Jeff Sause and real estate analyst Ryan Ash.
“This was our first time working with Rabobank and it was a pleasure; the loan process went smoothly and we were happy with the lending option agreed upon,” said David Kasirer, co-founder and partner of Western Avenue Capital.
About Western Avenue Capital
Western Avenue Capital is a real estate investment, development and management company headquartered in Los Angeles, California. Over the past 40 years, its predecessor companies have established a diversified portfolio of retail, healthcare, multifamily and industrial properties across the United States. Western Avenue Capital’s total portfolio capitalization (managed and passive) currently exceeds $1 billion across 3 million square feet.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.