CIT Group announced it is back in South Los Angeles, this time providing a $25 million acquisition loan for Seavest Healthcare Properties’ recent acquisition of the new MLK Community Health Building.
Seavest announced last week that it acquired the 52,000-square-foot medical office at the Martin Luther King, Jr. Medical Center Campus from Trammell Crow for $43.3 million. It was recently completed at 12021 South Wilmington Avenue in the Willowbrook neighborhood, between Compton and Watts.
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CIT did not initially release terms of the loan.
Trammell Crow announced the completion of the two-story building in February. It is the first standalone medical office building developed as part of the $1-billion campus transformation, and it opened to patients in March. It was developed in a public-private partnership with L.A. County Development Authority and the hospital. The full campus spans a full block between Compton and Washington Avenues.
The MLK Community Health Building was designed by HKS architects.
CIT anticipates making more investments in the Watts community this year, including opening a new office in the area. The financing for the Community Health Building follows CIT’s recent $37-million investment in the Jordan Downs apartment project to develop a 92-unit multifamily complex in Watts.
Seavest is an investment management firm focused on the medical office and outpatient facility sector throughout the country.
Tramell Crow is a developer and investor with properties that span every major asset type. The firm is currently working on the massive mixed-use development in North Hollywood that will include about 1,500 apartment units, 500,000 square feet of office and 100,000 square feet of retail space.
