NEW YORK, April 6, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Healthcare
Finance business served as sole lead arranger on an
$18.5 million loan to finance the
acquisition of the Singing River Cancer Center in Florence, Alabama.
The borrower, Cypress West Partners is an experienced and
successful owner and manager of healthcare properties that has a
long history of acquisition financing with CIT. The Singing River
Cancer Center, a 45,900-square-foot medical office building, opened
in the fall of 2020 and is fully leased to complementary tenants
that provide cancer care, oncology and imaging services.
"Singing River Cancer Center is a modern, well-designed and
efficient medical facility in an attractive and convenient
location," said Christopher J.
Cumella, CEO, Cypress West Partners. "We are pleased to add
this very solid asset to our growing medical office portfolio and
are grateful for our acquisition financing relationship with
CIT."
"It was a pleasure to work with the Cypress West team once again
to meet their financing needs as they continue to build their
portfolio of outstanding medical office buildings," said
William Douglass, managing director
and group head for CIT's Healthcare Finance business. "We look
forward to future opportunities to support their continued
growth."
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.
MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.