CIT Completes Financing for Three Medical Office Buildings in Tennessee
NEW YORK, Dec. 13, 2018
NEW YORK, Dec. 13, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business, part of CIT's Commercial Finance division, served as sole lead arranger of $21.4 million in senior secured credit facilities for Virtus Real Estate Capital, a private equity real estate firm that focuses on cycle-resilient alternative property types.
The financing supported the acquisition of three medical office buildings located within the greater Nashville, Tennessee, metropolitan area.
"Medical Office is one of our key property types thanks to the growing demand for healthcare services due to an aging population," said Matt Withey, Virtus Acquisitions Director. "We sought a partner with a track record of success in the sector who could provide timely execution of the financing. We appreciated CIT's responsiveness and industry expertise, which were evident throughout the transaction."
"We are pleased to have the opportunity to support the continued growth of Virtus Real Estate Capital in financing these properties," said William Douglass, managing director and group head of CIT's Healthcare Finance business. "We worked closely with Virtus to understand their needs and provide them a comprehensive financing package."
CIT's Healthcare Finance unit 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.
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, approximately $50 billion in assets as of Sept. 30, 2018, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank. Discover more at cit.com/about.
About Virtus Real Estate Capital
Virtus Real Estate Capital, founded in 2003, brings thoughtful stewardship to the practice of real estate investment, delivering non-correlated alpha via cycle-resilient real estate. Over the last 15 years, Virtus has acquired 218 properties for a combined acquisition value of over $3.4 billion and has fully realized 153 property investments. With a strong and established track record, Virtus has proven to be successful in all phases of the market cycle. For more information, please visit www.virtusre.com.
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SOURCE CIT Group Inc.