San Diego MOB Lands $14M Loan

The four-story medical facility spreads across two acres and is situated approximately 10 miles from downtown.

CIT Group Inc.’s Healthcare Finance team, which is part of the company’s commercial finance division, has arranged a $15.3 million loan for the purchase of The Coast Medical Center, a medical office building in San Diego. A partnership between Kayne Anderson Real Estate Advisors and MB Real Estate bought the asset.

The four-story medical facility spreads across roughly two acres and is situated approximately 10 miles from downtown San Diego and less than a mile from two other facilities. Services include surgery, urology, orthopedics and dentistry.

“CIT Healthcare Finance has backed several of our acquisitions in recent years by providing senior debt capital in support of our growing medical office portfolio,” said Joe Magliochetti, senior vice president & managing director at MB Real Estate, in a prepared statement. “CIT is very proficient in health-care real estate and has a specialized medical office financing program.”

The purchase continues Kayne’s acquisition strategy. In September 2017, the firm completed the $825 million acquisition of Sentio Healthcare Properties Inc.