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

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CIT Group Inc. (NYSE: CIT) has announced it served as the sole lead arranger for a $33.2 million loan to Montecito Medical Real Estate, facilitating the acquisition of a portfolio of eight medical office buildings located in five states: Connecticut, Alabama, Tennessee, North Carolina, and Missouri. The financing highlights CIT's specialized expertise in healthcare, with Montecito expressing satisfaction with CIT's responsiveness during the transaction. CIT's Healthcare Finance unit focuses on providing tailored financial solutions to middle market healthcare companies across the U.S.

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• Served as sole lead arranger for a $33.2 million loan.
• Loan facilitated acquisition of eight medical office buildings across five states.

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• None.

NEW YORK, Oct. 6, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger for a $33.2 million loan to acquire a portfolio of medical office buildings across five states.

The borrower, Montecito Medical Real Estate, used the loan proceeds to acquire a portfolio of eight medical office buildings with locations in Connecticut, Alabama, Tennessee, North Carolina and Missouri.

"CIT's healthcare expertise made them a natural choice as we sought financing for our medical office building acquisitions," said Chip Conk, CEO of Montecito Medical Real Estate. "We appreciated CIT's responsiveness and agility in successfully closing this financing."

"Montecito Medical is building an impressive portfolio of properties in attractive locations to serve the medical community and patients," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "We were pleased to work closely with them to develop the financing needed to complete the transaction."

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.

FAQ

What loan amount did CIT arrange for Montecito Medical Real Estate?

CIT arranged a loan amounting to $33.2 million.

Which states are involved in the medical office building acquisition by Montecito Medical?

The acquisition involves buildings located in Connecticut, Alabama, Tennessee, North Carolina, and Missouri.

What type of financing services does CIT Group offer in healthcare?

CIT Group offers tailored financial solutions through its Healthcare Finance unit, focusing on middle market healthcare companies.

Why did Montecito Medical choose CIT for financing?

Montecito Medical chose CIT due to its healthcare expertise, responsiveness, and agility in closing the financing.