NEW
YORK, Sept. 1, 2021 /PRNewswire/ --
CIT Group Inc. (NYSE: CIT) today announced that
its Healthcare Finance business served as
sole lead arranger on a loan of about $43
million to finance the acquisition of a portfolio of medical
office buildings in Florida and
Arizona.
The portfolio, acquired by Cypress West Partners, consists
of 14 medical office buildings encompassing nearly 150,000 square
feet of rentable space. Ten of the facilities are located in
Arizona and four are in
Florida.
"This portfolio consists of modern, well-designed and
efficient facilities in attractive locations to support the medical
needs of their respective communities," said Christopher J. Cumella, CEO of Cypress West
Partners. "We are pleased to add these assets to our growing
portfolio and appreciate CIT's agility in financing this latest
acquisition for us."
"We highly value our relationship with Cypress West, which
is known throughout the industry as a deeply experienced investor
with an outstanding portfolio of medical office properties," said
William Douglass, managing director
and group head for CIT's Healthcare Finance
business. "We have now financed several of their medical
properties and are pleased to provide the financing in support of
this transaction as well."
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.