CIT Serves as Sole Lead Arranger on $16.1 Million Financing for Acquisition of Dialysis Center Portfolio

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) has successfully served as the sole lead arranger for a $16.1 million financing deal, facilitating the acquisition of a portfolio of six dialysis centers across multiple states, including Mississippi, Louisiana, California, and Texas. The acquisition was executed by Cypress West Partners, with the facilities operated by Fresenius Medical Care. This move underscores CIT's expertise in healthcare financing and its strong reputation for executing timely transactions. With this financing, CIT aims to strengthen its banking relationships while supporting growth in the healthcare sector.

Positive

• CIT facilitated a significant $16.1 million financing for the acquisition of six dialysis centers, showcasing its expertise in healthcare finance.
• Strengthening relationships with Cypress West Partners, with previous successful financing transactions, enhances CIT's market position.
• The acquisition presents potential revenue growth opportunities through healthcare sector expansion.

Negative

• None.

NEW YORK, Feb. 4, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on $16.1 million in financing for the acquisition of a portfolio of dialysis centers.

Cypress West Partners acquired the portfolio of six newly constructed built-to-suit dialysis centers in Meridian, McComb and Jackson, Mississippi; Lake Charles, Louisiana; Sacramento, California; and Bellmead, Texas. The facilities are occupied by Fresenius Medical Care, a leading dialysis provider.

"In seeking to finance the acquisition of this very attractive portfolio of dialysis centers, we looked to CIT because of their proven expertise in financing medical office buildings and their strong reputation for timely execution," said Christopher J. Cumella, CEO, Cypress West Partners. "We have closed on the financing for seven medical office acquisitions with CIT over the past two years. CIT is a highly valued and trusted provider of first mortgage capital."

"We worked closely with Cypress West to understand their requirements and provide financing that satisfied their business needs," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "It was a pleasure to work with the Cypress West team again and we look forward to continuing to expand our banking relationship through future opportunities."

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

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/cit-serves-as-sole-lead-arranger-on-16-1-million-financing-for-acquisition-of-dialysis-center-portfolio-301222004.html

SOURCE CIT Group Inc.

FAQ

What is the significance of CIT's $16.1 million financing deal?

CIT's $16.1 million financing deal facilitates the acquisition of a portfolio of dialysis centers, demonstrating its expertise in healthcare finance and commitment to supporting industry growth.

Who acquired the dialysis centers financed by CIT?

Cypress West Partners acquired the dialysis centers, which are operated by Fresenius Medical Care.

What states are included in the dialysis center acquisition?

The dialysis centers are located in Mississippi, Louisiana, California, and Texas.

How does CIT's financing impact its relationship with Cypress West Partners?

CIT's financing reinforces its strong banking relationship with Cypress West Partners, having previously closed on multiple medical office acquisition financings together.

What is CIT's role in the healthcare finance market?

CIT provides tailored financing solutions to middle market healthcare companies in the U.S., leveraging its industry expertise to meet client needs for growth capital.