NEW YORK, April 22, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Healthcare
Finance business served as sole lead arranger on a
$19.3 million loan to finance the
acquisition of the Sugar Creek Health Center in Sugar Land, Texas.
The Sugar Creek Health Center, a 84,646-square-foot medical
office building located approximately 20 miles southwest of
Houston, is leased to a diverse
mix of tenants that provide various medical services including
ambulatory surgery, imaging, orthopedics, women's health, dentistry
and optometry, among others.
The borrower is an affiliate of Virtus Real Estate Capital, an
industry-leading investor in medical office buildings with a strong
history of working with CIT on acquisition financing.
"Sugar Creek Health Center is a recently upgraded facility that
offers a wide range of medical services in a convenient,
high-growth location," said Matt
Withey, Managing Director of Virtus Real Estate Capital. "We
are excited to add this medical office building to our portfolio
and pleased to continue our financing relationship with CIT."
"We were pleased to again support Virtus Real Estate Capital
with financing for their acquisition of this valuable health
center, which provides medical care for patients across a large and
growing 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, 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.