NEW YORK, Oct. 28, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Healthcare
Finance business served as sole lead arranger on a
$39 million loan for the acquisition
of the North Hills Health Center in Menominee Falls, Wisconsin.
IRA Capital acquired the
medical campus, consisting of two class-A medical office buildings
comprising nearly 119,000 square feet. The outpatient facility is
100% leased and occupied by Froedtert Health, a five-hospital
system and the primary teaching affiliate of the Medical College of Wisconsin.
Froedtert provides a range of outpatient services at
North Hills, including an
MRI/imaging center, a fertility clinic, a sleep center, a women's
health center, a pulmonary rehab facility, an occupational medicine
clinic and a walk-in urgent care center. North Hills is strategically located between
two of Froedtert's largest hospitals.
"We are pleased to have acquired North Hills Health Center,
which support high quality medical offices in an attractive
location," said Amer Kasm, one of
five principals and a co-founder of IRA Capital. "We appreciated CIT's agility and
expertise as we worked to arrange the financing for this
transaction."
"We were pleased to arrange financing for IRA Capital's acquisition of these valuable
facilities that support medical needs across the region," said
William Douglass, managing director
and group head for CIT's Healthcare Finance business.
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.
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 IRA Capital
IRA Capital "IRA" is a private equity firm founded in 2010
that invests capital for its own account and on behalf of its
co-investment partners, which include pension funds, institutions,
family offices, and individuals. IRA invests in commercial real estate assets
throughout the United States, with
a primary focus on the medical/healthcare real estate sector.
Headquartered in Irvine,
California, IRA has
acquired over 6 million square feet of property across 25 states,
valued in excess of $2 billion.
MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.