NEW YORK, July 29, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) and its Healthcare Finance unit today
announced a $25 million loan
supporting Seavest Healthcare Properties' acquisition of the MLK
Community Hospital Medical Office Building in South Los Angeles. The private, nonprofit
hospital provides essential healthcare services for residents of
the Watts, Compton and Willowbrook
neighborhoods of Los Angeles.
"We're pleased to leverage our expertise to create a financing
solution that meets Seavest's investment objectives," said
William Douglass, managing director
and group head for CIT's Healthcare Finance. "This effort advances
the hospital's mission while helping to drive transformative change
and further revitalize the Watts area."
MLK Community Hospital is part of a public-private partnership
with Los Angeles County and was
established in 2015 to meet the needs of the South Los Angeles community including the
uninsured and underinsured. Efforts to create additional offerings
are in development including outpatient testing, physical therapy,
durable medical equipment, chronic care treatment facilities, and
other health related services.
"We're pleased to work with CIT on this transaction, and to
expand our portfolio in Los
Angeles," said John Winer,
senior managing director and chief investment officer for Seavest
Healthcare Properties. "This acquisition provides the opportunity
to invest in a newly developed, on campus outpatient facility in
South Los Angeles and to assist in
delivering critical healthcare services to the area's one million
residents."
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. The financing follows CIT's recent
$47 million investment in the
Jordan Downs Apartment Project to develop a 92-unit multifamily
apartment complex in the Watts neighborhood.
"Our community needs our support now more than ever," said
Steve Solk, president of Consumer
Banking at CIT. "We're pleased to play a key role in this
transaction and continue our investment in the Watts neighborhood
and surrounding areas during this challenging time."
CIT anticipates making further investments in the Watts
community later this year, including a new branch in the area.
About CIT
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.
About Seavest
Seavest Healthcare Properties, LLC is a
real estate investment management firm focused on the medical
office and outpatient facility sector. The firm acquires existing
properties, joint ventures with established developers to build new
properties, and asset manages medical office buildings, outpatient
facilities and similar healthcare real estate assets. A pioneer in
this sector, Seavest made its first healthcare real estate
investment in the mid-1980s. Today, the firm has a significant
portfolio of medical office buildings and outpatient facilities
located throughout the United
States. For more information, please visit
SeavestHCP.com.
MEDIA RELATIONS:
Olivia Weiss
212-771-9657
olivia.weiss@cit.com
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SOURCE CIT Group Inc.