Sullivan
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Sullivan represented a joint venture managed by The RMR Group in a $272.1 million interest-only mortgage financing secured by two 11-story medical office buildings totaling approximately 330,000 square feet and two parking garages on the Cedars-Sinai Medical Center campus in Los Angeles. Cedars-Sinai and its affiliates occupy approximately 60% of the portfolio’s rentable space.

RMR client Diversified Healthcare Trust (Nasdaq: DHC) holds a 20% equity interest in the joint venture, which is primarily owned by private institutional investors. The two-year loan includes three one-year extension options and was used to repay approximately $267 million of existing mortgage debt and fund closing costs.

Morgan Stanley and BNP Paribas provided the financing. The Sullivan team included Avi Rao, John Steiner, Jeff Morlend, Chinyere Okogeri and Matt Bailey.

For more information, please see the full press release here.