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.
Water Tower Medical Commons is a six-story, 162,000-square-foot building at 2350 N Lake Dr. The building is connected via an underground tunnel to the Columbia St. Mary’s Hospital Milwaukee urban lakefront campus, anchored by the 28,000-square-foot Columbia Cancer Center.
Seton Professional building is a three-story, 77,000-square-foot medical facility at 13111 N. Port Washington Rd. The property is at Columbia’s Ozaukee suburban campus in Mequon, WI.
Seavest’s MOB portfolio has held up well during the recession, says John Winer with the company. “The portfolio didn’t lose any tenants, and only one or two were in arrears on their rents,” he tells GlobeSt.com. “However, leasing has also slowed, as both hospitals and doctors are very careful with their spending over the past few years, and hospitals deferred projects for two-to-three years. I think we’re just now getting back to business, we’ve started to see increased activity.”
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