Construction is under way on an 80,000-square-foot medical office complex in Orange.
The complex, going up on 3.28 acres at Main Street and Palmyra Avenue, will include two identical, 40,000-square-foot buildings with a separate, two-story parking garage. It is being developed by Independent Development Co. and David Valentine, funded by a $14.8 million construction loan from Venture West Funding Inc., an El Segundo mortgage brokerage with an Irvine office.
Construction is due to wrap up in June. According to Venture West, 88% of the space has been pre-leased.
Approximately 15,000 square feet of the complex will be occupied by an ambulatory care center with operating rooms and outpatient facilities. Venture West’s Matthew Douglas said in an interview that the ambulatory care tenant didn’t want to be identified.
Douglas, in a release, pointed out that the medical office building was the second largest construction loan that the firm arranged in Orange in recent weeks, pointing to a $9.35 million deal to fund a shopping center at Main and La Veta Avenue.
Venture West’s loan volume last year was $415 million, breaking down to around $270 million in commercial and multi-family residential loans and $145 million in single-family residential loans.
According to Venture West, the firm has surpassed that amount this year.
Some of the firm’s recent transactions include a $25 million purchase loan on the Fox Sports West building in Los Angeles and a $12 million transaction involving 27 apartment buildings in Orange and Los Angeles counties.
