CIT Provides $50.8MM to Seavest Healthcare Properties

CIT’s healthcare finance business provided $50.8 million to Seavest Healthcare Properties 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, OR, 12 miles west of downtown Portland, OR. The building is leased to Providence Health & Services – Oregon, a subsidiary of Providence St. Joseph, the third-largest nonprofit health system in the United States.

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,” John Winer, chief investment officer at Seavest, said. “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,” William Douglass, managing director and group head for healthcare finance team at CIT, said.

“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,” Steve Reedy, managing director of healthcare finance team at CIT, said.

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