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CIT Arranges $33.2MM Financing for Brooklyn Medical Office Building

June 16, 2021, 07:20 AM
Filed Under: Real Estate

CIT Group's Healthcare Finance business served as sole lead arranger on a $33.2 million loan to finance the acquisition of a medical office building in Brooklyn, New York.
The class A medical office building is located at 902 Quentin Road, Brooklyn. Built in 2013, it features eight stories of medical office and academic space and an on-site parking garage. The building is fully leased and benefits from significant investment grade-rated tenants, including NYU Langone Health and Touro College School of Health Sciences. Services provided include a cancer center, cardiology, gastroenterology and ophthalmology.

The buyer is an affiliate of Seavest Healthcare Properties, an institutional manager of investments in medical properties including medical office buildings and outpatient and specialized treatment facilities that are strategic to health systems.

"We are pleased to add this class A medical office facility to our portfolio of high-quality properties," said John Winer, Senior Managing Director & Chief Investment Officer of Seavest Healthcare Properties. "The Midwood section of Brooklyn where the building is located is a vibrant community with a dense and well insured population. We have worked with CIT to finance a number of medical office buildings and again appreciated their responsiveness and market knowledge in completing this transaction."

"Seavest Healthcare Properties has a strong reputation as a leading investor in top-quality medical properties," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "We appreciate the opportunity to continue to support their acquisition activity and provide the financing for this Brooklyn property."

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