CIT Serves as Sole Lead Arranger on $33.2 Million Financing for Brooklyn Medical Office Building

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced a $33.2 million loan as the sole lead arranger to finance the acquisition of a class A medical office building in Brooklyn, New York. The property, located at 902 Quentin Road, features eight stories and is fully leased to investment-grade tenants like NYU Langone Health. Seavest Healthcare Properties acquired the building, which hosts a cancer center and various medical services. CIT's Healthcare Finance unit continues to support growth in the healthcare sector through tailored financing solutions.

Positive

• Secured a $33.2 million loan, enhancing CIT's portfolio.
• The medical office building is fully leased with high-quality tenants.
• Continued partnerships with reputable firms like Seavest Healthcare Properties.

Negative

• None.

NEW YORK, June 15, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on a $33.2 million loan to finance the acquisition of a medical office building in Brooklyn, New York.

The class A medical office building is located at 902 Quentin Road, Brooklyn. Built in 2013, it features eight stories of medical office and academic space and an on-site parking garage. The building is fully leased and benefits from significant investment grade-rated tenants, including NYU Langone Health and Touro College School of Health Sciences. Services provided include a cancer center, cardiology, gastroenterology and ophthalmology.

The buyer is an affiliate of Seavest Healthcare Properties, an institutional manager of investments in medical properties including medical office buildings and outpatient and specialized treatment facilities that are strategic to health systems.

"We are pleased to add this class A medical office facility to our portfolio of high-quality properties," said John Winer, Senior Managing Director & Chief Investment Officer of Seavest Healthcare Properties. "The Midwood section of Brooklyn where the building is located is a vibrant community with a dense and well insured population. We have worked with CIT to finance a number of medical office buildings and again appreciated their responsiveness and market knowledge in completing this transaction."

"Seavest Healthcare Properties has a strong reputation as a leading investor in top-quality medical properties," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "We appreciate the opportunity to continue to support their acquisition activity and provide the financing for this Brooklyn property."

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-33-2-million-financing-for-brooklyn-medical-office-building-301311698.html

SOURCE CIT Group Inc.

FAQ

What was the amount of the loan arranged by CIT for the Brooklyn medical office building?

CIT arranged a loan of $33.2 million for the acquisition.

Who are the tenants of the medical office building financed by CIT?

The tenants include NYU Langone Health and Touro College School of Health Sciences.

What is the significance of the medical office building location in Brooklyn?

The building is situated in a vibrant community with a dense and well-insured population.

Who acquired the Brooklyn medical office building financed by CIT?

The building was acquired by an affiliate of Seavest Healthcare Properties.

What type of services does the Brooklyn medical office building provide?

The building provides services including a cancer center, cardiology, gastroenterology, and ophthalmology.