CIT Provides $29.5 Million Financing to Real Properties Health Facilities Corp.
June 03 2015 - 8:30AM
Business Wire
- Financing Will Be Used to Consolidate
Existing Real Estate Debt and for Working Capital Purposes
- Real Properties Health Facilities
Operates 12 Skilled Nursing and Assisted Living Facilities Across
Four States
CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of
commercial lending and leasing services, today announced that CIT
Corporate Finance, Healthcare provided a $29.5 million senior
secured credit facility to Real Properties Health Facilities Corp.
(RPHF), that will be used to consolidate existing real estate debt
and for working capital purposes. RPHF operates 12 skilled nursing
and assisted living facilities with approximately 1,000 available
beds in Indiana, Kansas, Montana and Wisconsin. Lancaster Pollard,
a specialty healthcare investment bank, advised RPHF as its
placement agent for the financing. Financing was provided by CIT
Bank, the U.S. commercial bank subsidiary of CIT.
“This financing was extremely important to us as we consolidate
our ownership and position ourselves for our future,” said Patricia
Green, President and CEO, Real Properties Health Facilities Corp.
“CIT’s expertise and experience in middle market healthcare
financing was essential to us when choosing a lender.”
Michael Coiley, Managing Director, CIT Corporate Finance,
Healthcare, said, “We were able to leverage our sector knowledge to
help RPHF simplify their capital structure. Their highly
experienced senior management team has executed on several key
strategic initiatives that have positioned the company well for the
future. We’re pleased we could provide this financing and look
forward to expanding our relationship in the future.”
Grant Goodman, Vice President at Lancaster Pollard, noted: “RPHF
needed a lending partner that could streamline and consolidate
their capital stack in a cost effective way. We worked closely with
their management team to identify a sector expert with the ability
to execute a tailored financing efficiently. CIT quickly
distinguished themselves with deep industry knowledge and scalable
investment capacity. They successfully structured a comprehensive
debt solution that meets the needs of RPHF and better positions the
company for the future.”
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About Real Properties Health Facilities Corp.
Real Properties Health Facilities Corp. is a Skilled Nursing
Facility (“SNF”) and Assisted Living Facility (“ALF”) provider with
12 facilities, representing about 1,000 available beds, located in
four states: Indiana, Kansas, Montana and Wisconsin. The company is
headquartered in Las Vegas, NV.
About Lancaster Pollard
Lancaster Pollard helps healthcare, senior living and housing
providers expand and improve their services by delivering financial
advice and financing solutions. The firm offers a full range of
investment banking, mortgage banking, private equity, balance sheet
financing, M&A and investment advisory services. Lancaster
Pollard has earned a reputation for delivering sound financial
advice and the most cost-effective financing options available in
the market. lancasterpollard.com
About CIT Corporate Finance, Healthcare
CIT Corporate Finance, Healthcare offers comprehensive financing
solutions and advisory services to companies across the healthcare
industry. Through its client-focused and industry centric model, it
tailors corporate financing products and advice to meet the complex
needs of its clients. cit.com/healthcare
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is
the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE:
CIT). It provides lending and leasing to the small business, middle
market and transportation sectors. CIT Bank (BankOnCIT.com) offers
a variety of savings options designed to help customers achieve
their financial goals. As of March 31, 2015, it had more than $16
billion of deposits and more than $21 billion of assets.
cit.com/CITBank
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company
with more than $35 billion in financing and leasing assets. It
provides financing, leasing and advisory services principally to
middle market companies across more than 30 industries primarily in
North America, and equipment financing and leasing solutions to the
transportation industry worldwide. Its U.S. commercial bank
subsidiary, CIT Bank (Member FDIC) BankOnCIT.com, offers a variety
of savings options designed to help customers achieve their
financial goals. cit.com
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CIT MEDIA RELATIONS:C. Curtis Ritter, 973-740-5390Senior
Vice President of Corporate CommunicationsCurt.Ritter@cit.comorMatt
Klein, 973-597-2020Vice President, Media
RelationsMatt.Klein@cit.comorCIT INVESTOR RELATIONS:Barbara
Callahan, 973-740-5058Senior Vice
PresidentBarbara.Callahan@cit.com
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