NEW YORK, June 20, 2018 /PRNewswire/ -- CIT Group Inc.
(NYSE: CIT) today announced that its Healthcare Finance business,
part of CIT's Commercial Finance division, has closed on a
$26.6 million loan to finance the
purchase of two adjoining medical office buildings in Rockville, Md.
The properties, known as the Shady Grove Professional Center,
consist of two four-story buildings on 5.6 acres with more than
100,000 square feet of rentable space. The site is located near
both Interstate 270 and the Adventist HealthCare Shady Grove
Medical Center, a 304-bed short-term acute care hospital.
The borrower is a joint venture between Anchor Health
Properties, MedProperties, and CDC Realty. The loan proceeds were
used to fund a portion of the acquisition cost with proceeds held
back to fund future tenant improvements and leasing
commissions.
"CIT's financing was a key element in our ability to invest in
this property, which is strategically located near other
significant medical facilities, including Adventist HealthCare
Shady Grove Medical Center, a research and lab campus for
Johns Hopkins University, and the Shady
Grove Life Sciences Center," said James
Schmid, Chief Investment Officer at Anchor Health
Properties. "CIT's expertise in financing medical office buildings
and its efficient underwriting process resulted in a timely and
smooth closing of this transaction."
"Our Healthcare Finance team is especially well positioned with
the capabilities and market knowledge needed to help customers
acquire attractive properties in the increasingly busy market for
medical office facilities," said William
Douglass, managing director and group head of CIT's
Healthcare Finance business.
"We were pleased to be able to assist this joint venture with
the financing needed to make this acquisition possible," Douglass
added.
CIT's Healthcare Finance business provides comprehensive
financing and banking solutions to middle market healthcare
companies across the U.S. By using a client-focused and
industry-centric model, Healthcare Finance can tailor its products
and services to help clients meet their needs for growth
capital.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a
financial holding company with approximately $50 billion in assets as of March 31, 2018. Its principal bank subsidiary,
CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has
approximately $30 billion of deposits
and more than $40 billion of assets.
CIT provides financing, leasing, and advisory services principally
to middle-market companies and small businesses across a wide
variety of industries. It also offers products and services to
consumers through its Internet bank franchise and a network of
retail branches in Southern
California, operating as OneWest Bank, a division of CIT
Bank, N.A. For more information, visit cit.com and follow us on
Twitter, LinkedIn, YouTube and Facebook.
CIT MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.