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CIT Provides $50.8MM to Seavest Healthcare Properties

September 14, 2022, 07:15 AM
Filed Under: Real Estate

CIT, a division of First Citizens Bank, announced that its Healthcare Finance business provided $50.8 million to Seavest Healthcare Properties, LLC for the refinancing of Providence Family Wellness Center and Medical Office Building.
Providence Family Wellness Center is a newly delivered 118,000 square foot medical office building and wellness center located in Hillsboro, Oregon, 12 miles west of downtown Portland. The building is leased to Providence Health & Services – Oregon, a subsidiary of Providence St. Joseph, the third-largest non-profit health system in the U.S.

The property contains clinical space for services including primary care, pediatrics, behavioral health, sports medicine, women's health, dermatology, cardiology, urgent care, diagnostic imaging, lab, rehabilitation, and sports therapy. In addition, it features a comprehensive active wellness center complete with indoor warm water and outdoor lap pools.

"Providence Family Wellness Center is located in Reed's Crossing, a planned community of over 8,000 homes. The strikingly designed, purpose-built property is poised to support the health and wellness needs of this growing community," said John Winer, chief investment officer at Seavest. "We appreciate our long-standing and significant banking relationship with CIT and their support of this terrific project."

"Seavest is well-known in the industry for their strategic investments in medical office buildings, outpatient facilities and specialized treatment centers," said William Douglass, managing director and group head for CIT's Healthcare Finance team.

"It is a pleasure to work with Seavest as they continue to grow their medical office real estate portfolio. We are proud to support the refinancing of this Class A, multi-specialty medical office and wellness center," said Steve Reedy, managing director of CIT's Healthcare Finance team.

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