CIT Serves as Sole Lead Arranger on $18.5 Million Financing for Alabama Cancer Center
CIT Group Inc. (NYSE: CIT) announced the successful arrangement of an $18.5 million loan for the purchase of the Singing River Cancer Center in Florence, Alabama. This acquisition financing was provided to Cypress West Partners, a notable healthcare property manager with a history of collaboration with CIT. The 45,900-square-foot facility, fully leased for oncology and imaging services, enhances Cypress West's healthcare portfolio. CIT's Healthcare Finance division continues to offer tailored financing solutions for middle market healthcare companies.
- CIT arranged an $18.5 million loan, indicating strong financial services demand in healthcare.
- The Singing River Cancer Center is fully leased, ensuring stable revenue flow for the borrower.
- Cyan West's ongoing relationship with CIT exemplifies client trust and expertise in financing healthcare assets.
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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
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.
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SOURCE CIT Group Inc.
FAQ
What was the purpose of CIT's $18.5 million loan announced on April 6, 2021?
Who is the borrower for CIT's recent loan for the Singing River Cancer Center?
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