GRS | Corteq recently provided a suite of services on a $37.2 million refinance of the 56,000 square foot Rox San Medical Tower in Beverly Hills, CA. The loan, brokered by David Norris of Continental Real Estate Services, was made to prominent Los Angeles developer David Taban. It was the eighth largest loan in a $1,032.3 million CMBS offering lead by JP Morgan.
The Rox San Medical Tower is a familiar landmark in Beverly Hills. Located in the coveted Beverly Hills Triangle, with exposure on Santa Monica Boulevard, the Rox San Medical Tower consists of 11 stories of Class A medical offices. Most of the tenant suites enjoy breathtaking views of Los Angeles. In 2013, the building underwent a multi-million dollar renovation by award winning Kanner Architects.
GRS | Corteq Director, Mark Halloran, spearheaded the assessment services package for the firm’s client, Redwood Commercial Mortgage Corp. GRS | Corteq assessment services included environmental, property condition, seismic, and ALTA Survey.
The structure also underwent a notable seismic retro fit, just completed by ZDX Industries, that involved reinforcing key beams using a combination of epoxy injection and carbon-fiber reinforced polymer. This resulted in a modernized structure and bolstered the tower’s seismic resistance to future earthquakes.