Dealmaker: CIT Arranges $33M for Brooklyn Medical Office Building

CIT Group Healthcare Finance, New York, arranged $33.2 million for a Brooklyn, N.Y., medical office building.

The Class A medical office building at 902 Quentin Road in Brooklyn’s Midwood neighborhood totals 72,270 square feet. Built in 2013, the fully leased asset has eight stories of medical office and academic space anchored by NYU Langone Health and Touro College of Health Sciences. Both tenants carry investment-grade ratings. Services provided include a cancer center, cardiology, gastroenterology and ophthalmology.

The buyer, a Seavest Healthcare Properties affiliate, is an institutional medical property investment manager that specializes in medical office buildings, outpatient and specialized treatment facilities.

Blueprint Healthcare Real Estate Advisors, Chicago, represented the seller, a private New York-based commercial real estate developer and owner.

Seavest Healthcare Properties Senior Managing Director and Chief Investment Officer John Winer called the Midwood neighborhood a vibrant community with a dense and well insured population.

William Douglass, Managing Director and Group Head for CIT’s Healthcare Finance business, said Seavest has a good reputation as an investor in top-quality medical properties.