Seavest Lands $51M Refi for Portland Medical Center

Rendering of Providence Family Wellness Center. Image courtesy of CIT Group

CIT, a division of First Citizens Bank, has provided a $50.8 million refinancing through its Healthcare Finance business for Seavest Healthcare Properties’ Providence Family Wellness Center, in Hillsboro, Ore. The property is leased to Providence Health & Services, a Providence St. Joseph subsidiary.

Providence Family Wellness center is a Class A, 118,000-square-foot medical office and wellness center located at 7305 S.E. Circuit Drive. The medical center provides clinical services such as primary care, urgent care, behavioral health, pediatrics, women’s health, sports medicine and sports therapy, dermatology, cardiology, diagnostic imaging and rehabilitation. It also offers an active wellness center completed with an indoor warm water swimming pools and outdoor lap pools.

The newly delivered medical building is situated in Reed’s Crossing, a planned community of more than 8,000 homes, 5.2 miles from downtown Hillsboro, 13.7 miles from downtown Portland and close to multiple retail spaces. The purpose-built property is designed to support the health and wellness necessities of the growing community in which it is located, said Seavest Healthcare Properties’ Chief Investment Officer John Winer, in prepared remarks.

Seavest is a well-known player in the medical office sector, with strategic investment plans in specialized treatment facilities and medical and outpatient centers, according to William Douglass, managing director & group head of CIT’S Healthcare Finance team.

Earlier this year, Seavest’s 97,000-square-foot Medical Pavilion II opened. Developed by Trammell Crow Co., the facility is located in Oxon Mill, Md., within National Harbor, a mixed-use community. The medical office real estate company ended 2021 with the completion of a significant recapitalization, valued at $1 billion. Nuveen Real Estate joined Seavest as co-owner of the high-quality portfolio.