Webster Bank Finances New Medical Facility at Kent Hospital for $10 Million
WATERBURY, Conn., Oct. 21, 2011 /PRNewswire/ -- Webster Bank, a leading New England financial institution, announced today that it has provided $10 million in construction financing to an affiliate of Seavest, Inc., of White Plains, N.Y., for the development of an ambulatory surgery and medical office center connected to Kent Hospital in Warwick, R.I.
"Over the past two years we have financed multiple real estate projects for Seavest, including medical office buildings in Middletown, Connecticut," said Robin Gallagher, senior vice president, commercial real estate for Webster Bank. "We are very pleased to provide financial support to the organization's latest project in Warwick, Rhode Island, which we know will have a positive impact on Kent Hospital and the community it serves."
"From the beginning, Webster has been very responsive to our needs and quickly became a valued participant in this project," said John Winer, Executive Vice President of Seavest. "Webster's deep understanding of the medical real estate business allowed us to efficiently work through the financing process."
The project includes a two-story 62,000-square-foot class A medical office building on the campus of Kent Hospital. The hospital will lease 80 percent of the building, with the remainder going to private physician practices.
About Webster
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $18 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 171 banking offices, 485 ATMs, telephone and mobile banking, and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; Webster Capital Finance Corporation, an equipment finance company headquartered in Farmington, Conn.; and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.
About Seavest Inc.
Established in 1981, Seavest is a real estate investment management firm focused on funding the development of, acquiring and asset managing healthcare real estate assets. 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 space and manages three healthcare real estate investment funds. For more information, please visit www.SeavestHCP.com or call (914) 683-8474.
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SOURCE Webster Financial Corporation
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