Seavest closes $46.2 million loan
Real estate investment management firm secures financing for Milwaukee-area, on-campus medical office buildings anchored by Columbia St. Mary’s Hospital
WHITE PLAINS, N.Y., and MILWAUKEE, Dec. 14, 2010 – Seavest Inc. has closed on $46.2 million in new financing from GE Capital, Healthcare Financial Services for two Milwaukee-area medical office buildings (MOBs). The new five-year loan replaces construction financing for the two assets, which are both anchored by Columbia St. Mary’s Hospital and physician practices.
The properties, which are located about 30 miles apart, are The Water Tower Medical Commons in Milwaukee and the Seton Professional Building in Mequon, Wis. Both MOBs are on the campuses of hospitals operated by Columbia St. Mary’s, which is sponsored by Ascension Health and Columbia Health System Inc.
The ability of Seavest to secure longer-term financing for these properties in today’s challenging capital environment demonstrates the quality of these assets, the creditworthiness of the Columbia St. Mary’s system, the strength and stability of our firm, and the attractiveness of healthcare real estate as an investment, says Douglas Ray, President of the White Plains-based company. These high-quality, on-campus assets are attractive to patients, tenants, investors and lenders alike.
Because both buildings were developed at about the same time, are sponsored by Columbia St. Mary’s, include many of the same tenants, and are part of Seavest’s second healthcare real estate fund, the new financing was provided in the form of a single loan, Mr. Ray explains.
The Water Tower Medical Commons is a six-story, 162,000 square foot MOB located at 2350 N. Lake Dr., directly across the street from the Columbia St. Mary’s Hospital Milwaukee urban lakefront campus. The MOB, which offers views overlooking Lake Michigan, is anchored by the 28,000 square foot Columbia St. Mary’s Cancer Center. It also houses a range of specialty physician practices including oncology, gastrointestinal, cardiovascular, endocrinology and OB/GYN. It is physically attached to an adjacent parking structure and linked to the main hospital via an underground tunnel.
Seton Professional Building is a three-story, 76,600 square foot medical facility located at 13111 N. Port Washington Rd. on the Columbia St. Mary’s Hospital Ozaukee suburban campus in Mequon, Wis. It is also anchored by Columbia St. Mary’s and physician groups that are owned by the system. The MOB is physically linked to the hospital on every floor, and offers abundant, free surface parking.
Both buildings were developed for Seavest by Lillibridge Healthcare Services Inc.
A limited amount of space is still available in both buildings. For leasing information, please contact Bob Flood of RFP Commercial Inc. at 414-224-1058 or bflood@rfpcommercial.com, or Jim Cavanaugh of RFP at 414-224-9112 or jcavanaugh@rfpcommercial.com.
About Seavest Inc.
Established in 1981, Seavest Inc. is a real estate investment management firm focused on funding the development of, acquiring and asset managing healthcare real estate assets. A pioneer in this sector, Seavest made its first healthcare real estate investments in the mid-1980s. Today, the firm controls a significant portfolio of medical office space and manages three healthcare real estate investment funds. For more information, please visit www.SeavestInc.com or call (914) 683-8474.