NEW YORK, Sept. 1, 2021 /PRNewswire/ — CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on a loan of about $43 million to finance the acquisition of a portfolio of medical office buildings in Florida and Arizona.
The portfolio, acquired by Cypress West Partners, consists of 14 medical office buildings encompassing nearly 150,000 square feet of rentable space. Ten of the facilities are located in Arizona and four are in Florida.
“This portfolio consists of modern, well-designed and efficient facilities in attractive locations to support the medical needs of their respective communities,” said Christopher J. Cumella, CEO of Cypress West Partners. “We are pleased to add these assets to our growing portfolio and appreciate CIT’s agility in financing this latest acquisition for us.”
“We highly value our relationship with Cypress West, which is known throughout the industry as a deeply experienced investor with an outstanding portfolio of medical office properties,” said William Douglass, managing director and group head for CIT’s Healthcare Finance business. “We have now financed several of their medical properties and are pleased to provide the financing in support of this transaction as well.”
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 .
John M. Moran
SOURCE CIT Group Inc.