NEW YORK, March 22, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Healthcare
Finance business served as sole lead arranger on a
$39 million loan to finance the
Jefferson Health medical office building adjoining the Philadelphia
Navy Yard Corporate Center.
The borrower, Norvin Healthcare Properties, is an experienced
and successful manager of healthcare properties across a variety of
markets. It acquired the four-story medical office building at 3
Crescent Drive in December 2019. The
facility is located close to well-traveled locations such as the
South Philadelphia Sports Complex, downtown Philadelphia, Interstate 95 and the
neighboring Navy Yard.
"Jefferson Health is an outstanding, modern medical office
building in an attractive location with available parking and a
strong tenant," said Norm
Livingston, president of Norvin Healthcare Properties. "We
selected CIT because of their solid reputation, agility, healthcare
expertise and proven history of successfully arranging financing
for medical office properties."
"Norvin Healthcare is respected as a very experienced and
skilled investor in healthcare real estate," said William Douglass, managing director and group
head for CIT's Healthcare Finance business. "We worked closely
with Norvin to understand their objectives and develop a custom
financing solution that met their needs."
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, Healthcare
Finance 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.
MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.