NEW YORK, Oct. 6, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Healthcare
Finance business served as sole lead arranger for a
$33.2 million loan to acquire a
portfolio of medical office buildings across five states.
The borrower, Montecito Medical Real Estate, used the loan
proceeds to acquire a portfolio of eight medical office buildings
with locations in Connecticut,
Alabama, Tennessee, North
Carolina and Missouri.
"CIT's healthcare expertise made them a natural choice as we
sought financing for our medical office building acquisitions,"
said Chip Conk, CEO of Montecito Medical Real Estate. "We
appreciated CIT's responsiveness and agility in successfully
closing this financing."
"Montecito Medical is building an impressive portfolio of
properties in attractive locations to serve the medical community
and patients," said William
Douglass, managing director and group head for CIT's
Healthcare Finance business. "We were pleased to work closely
with them to develop the financing needed to complete the
CIT's Healthcare Finance unit, part of the Commercial
Finance division, provides comprehensive financing and banking
solutions to middle market healthcare companies across the U.S. By
using a client-focused and industry-centric model, the Healthcare
Finance team can tailor its products and services to help clients
meet their needs for growth capital.
CIT is a leading national bank focused on
empowering businesses and personal savers with the financial
agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a
financial holding company with over a century of experience and
operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC,
Equal Housing Lender). The company's commercial banking segment
includes commercial financing, community association banking,
middle market banking, equipment and vendor financing, factoring,
railcar financing, treasury and payments services, and capital
markets and asset management. CIT's consumer banking segment
includes a national direct bank and regional branch network.
Discover more at cit.com/about.
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SOURCE CIT Group Inc.