CIT Group Provides $29M Loan for Boston-Area MOBs

Chestnut Healthcare Partners is the new owner of the buildings. Signature Healthcare Brockton Hospital and Anna Jaques Hospital occupy the two assets.
Haverhill Medical Center
Haverhill Medical Center

Chestnut Healthcare Partners, a discretionary investment fund co-managed by Anchor Health Properties and Chestnut Real Estate, has purchased two medical office buildings in the Boston area with the help of a $28.7 million loan. CIT Group Inc.’s Healthcare Finance business provided the financing.

Located at 680 Centre St. in Brockton, Mass., the first building houses the Greene Cancer Center, a Signature Healthcare Brockton Hospital affiliate. The hospital leases the property and intends to launch an oncology program on campus, along with orthopedics and other specialist services. The second building is situated at 600 Primrose St. in Haverhill, Mass. Known as Haverhill Medical Center the recently constructed medical office building houses Anna Jaques Hospital.

CIT Group has also recently provided a $35 million construction loan for the development of a medical office building in Manhattan, New York City. William Macklowe Co. and LaSalle Property Fund are the developers of the six-story project, which will replace an existing structure.

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