Seavest MOB Achieves Key Milestones

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Ambulatory Surgery and Medical Office Center at Kent Hospital in Warwick, R.I., tops out and receives $10 million in construction financing from Webster Bank

Ambulatory Surgery and Medical Office Center at Kent Hospital, Warwick, R.I.

These important milestones bring us closer to achieving the hospital’s modernization and expansion objectives.

Seavest Inc. announced two key milestones in the construction of a new $13.6 million, two-story, 62,454 square foot medical office building (MOB) in Warwick on the campus of Kent Hospital, part of the Care New England Health System.

Following a groundbreaking ceremony in February and onset of construction in May, the Ambulatory Surgery and Medical Office Center at Kent Hospital celebrated its topping off milestone Oct. 10, with construction now about halfway completed.

In addition, Webster Bank has provided $10 million in construction financing for the project. The financing closed Oct. 14.

“These important milestones bring us closer to achieving the hospital’s modernization and expansion objectives, particularly in the area of outpatient services,” says Jonathan L. Winer, Executive Vice President of Seavest Inc. “This project also demonstrates the ability of Seavest to work closely with our client and other members of the real estate project team to implement the provider’s healthcare delivery strategy.”

The Washington, D.C., office of Trammell Crow Co. is developing the building for Seavest. Steffian Bradley Architects of Boston is the architect and Dimeo Construction Co. of Providence, R.I., is the general contractor.

Plans call for the facility to open in summer 2012.

Private practice physicians who are interested in leasing space in the Kent Hospital ASC and MOB are encouraged to contact Eric Fischer, Managing Director, Trammell Crow Co., at 202.295.3308 or efischer(at)trammellcrow(dot)com.

About Kent Hospital

Kent Hospital is a 359-bed non-profit acute care institution in Warwick, R.I., approximately 15 miles south of Providence. Kent serves approximately 300,000 residents across central Rhode Island and maintains market share of approximately 42% in its service area. Kent Hospital has the state’s second busiest emergency department and is Rhode Island’s largest community hospital. Care New England Health System (“CNE”) has corporate governance over the Hospital. For more information, please visit http://www.kenthospital.org or call 401-737-7000 or 1-888-455-KENT.

About Seavest Inc.

Established in 1981, Seavest Inc. is a real estate investment management firm that joint ventures with developers on new medical office projects, acquires existing medical properties directly and asset manages healthcare real estate. A pioneer in this sector, Seavest made its first healthcare real estate investments in the mid-1980s. Today, the firm controls a significant portfolio of medical office properties and manages three healthcare real estate investment funds. For more information, please visit http://www.SeavestHCP.com or call (914) 683-8474.

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Bobbie Enright
Seavest Inc.
(914) 683-8474
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