CIT Serves as Sole Lead Arranger on $39 Million Financing for Medical Office Buildings

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) has successfully facilitated a $39 million loan for the acquisition of the North Hills Health Center in Menominee Falls, Wisconsin. This financing, arranged by CIT's Healthcare Finance unit, supports IRA Capital in acquiring two class-A medical office buildings totaling nearly 119,000 square feet, fully leased by Froedtert Health. The center is strategically located between two major hospitals and houses multiple outpatient services, enhancing regional healthcare accessibility.

Positive

• CIT arranged a significant $39 million loan, showcasing its capacity in healthcare financing.
• The North Hills Health Center acquisition supports high-demand medical services in a strategically advantageous location.

Negative

• None.

NEW YORK, Oct. 28, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on a $39 million loan for the acquisition of the North Hills Health Center in Menominee Falls, Wisconsin.

IRA Capital acquired the medical campus, consisting of two class-A medical office buildings comprising nearly 119,000 square feet. The outpatient facility is 100% leased and occupied by Froedtert Health, a five-hospital system and the primary teaching affiliate of the Medical College of Wisconsin.

Froedtert provides a range of outpatient services at North Hills, including an MRI/imaging center, a fertility clinic, a sleep center, a women's health center, a pulmonary rehab facility, an occupational medicine clinic and a walk-in urgent care center. North Hills is strategically located between two of Froedtert's largest hospitals.

"We are pleased to have acquired North Hills Health Center, which support high quality medical offices in an attractive location," said Amer Kasm, one of five principals and a co-founder of IRA Capital. "We appreciated CIT's agility and expertise as we worked to arrange the financing for this transaction."

"We were pleased to arrange financing for IRA Capital's acquisition of these valuable facilities that support medical needs across the region," said William Douglass, managing director and group head for CIT's Healthcare Finance business.

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.

About IRA Capital

IRA Capital "IRA" is a private equity firm founded in 2010 that invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions, family offices, and individuals.  IRA invests in commercial real estate assets throughout the United States, with a primary focus on the medical/healthcare real estate sector.  Headquartered in Irvine, California, IRA has acquired over 6 million square feet of property across 25 states, valued in excess of $2 billion.

MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com

 

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SOURCE CIT Group Inc.

FAQ

What is the recent financing announcement by CIT Group?

CIT Group announced a $39 million loan for the acquisition of North Hills Health Center.

Who was involved in the acquisition of the North Hills Health Center?

IRA Capital acquired the facility with financing arranged by CIT Group.

What services does the North Hills Health Center provide?

The center includes outpatient services such as an MRI/imaging center, fertility clinic, and urgent care.

When was the financing for North Hills Health Center announced?

The financing announcement was made on October 28, 2020.

What is the main focus of CIT's Healthcare Finance unit?

CIT's Healthcare Finance unit offers tailored financing solutions to middle market healthcare companies.