“Ciminelli Real Estate has had investments in the campus neighborhood for 20 years,” President and CEO Paul Ciminelli says. “We have been patiently waiting for the right development opportunity – and the right partner. As the Buffalo Niagara Medical Campus becomes an increasingly important regional medical destination, this project clearly presents that opportunity, and as one the national leaders in healthcare real estate, Seavest is that ideal partner.”
“Ciminelli is western New York’s preeminent real estate developer and services provider,” Mr. Ray says, “with a local development portfolio of more than 5 million square feet. It is also an experienced healthcare real estate developer. We are confident that this first project with Ciminelli will be successful, and we look forward to working on additional opportunities with Ciminelli in the future.”
Ciminelli and Seavest were brought together by the New York-based investment banking and financial advisory firm Hammond Hanlon Camp LLC (H2C). Seavest, which has focused on acquiring and investing in MOBs and other healthcare projects since the 1980s, will be the majority owner of the Conventus building and will finance its investment through its third fund, Seavest Properties III.
The Conventus project will also be a key contributor to the economic growth associated with the BNMC. Buffalo is enjoying an economic resurgence, local officials say, with more than $1.7 billion worth of commercial real estate projects are in the works. More than half of those projects are taking place in the BNMC.
“We are always happy to make good investments,” Mr. Winer says, “but we feel even better about this project because of the
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