Seavest Gains $46M Financing for Midwest MOBs

MILWAUKEE-Seavest Inc., based in White Plains, NY, recently gained $46.2 million in five-year financing from GE Capital. The loan, for two local medical office buildings, replaces construction financing from 2007 for the two assets, which are both anchored by Columbia St. Mary’s hospitals.

The two properties are 30 miles from each other, and the Columbia hospital, a subsidiary of Ascension Health, leases more than 60% of the available space. An exact occupancy rate for the properties was unavailable, though the asking rate at the properties is $18 per square foot, triple net. Both buildings were built by Lillibridge Healthcare Services Inc. for Seavest.