CIT Provides $25M in Acquisition Financing for MLK Community Hospital Medical Office Building in Los Angeles

LOS ANGELES — CIT Group and its Healthcare Finance unit has funded a $25 million loan supporting Seavest Healthcare Properties’ acquisition of the MLK Community Hospital Medical Office Building in South Los Angeles.

Established in 2015, MLK Community Hospital is part of a public-private partnership with Los Angeles County created to meet the needs of the South Los Angeles community, including the uninsured and underinsured. The private, nonprofit hospital provides healthcare services for residents of the Watts, Compton and Willowbrook neighborhoods of Los Angeles.