CIT Serves as Sole Lead Arranger on $48 Million Portfolio Financing of Medical Office Buildings

Rhea-AI Summary

CIT Group (NYSE: CIT) announced the arrangement of $48 million in senior debt financing for acquiring a portfolio of medical office buildings. This financing was led by CIT's Healthcare Finance unit, benefiting a joint venture of Kayne Anderson Real Estate and Remedy Medical Properties. The properties span four states, totaling over 189,000 square feet, and include notable locations in Virginia, Georgia, and Arizona. This acquisition aligns with CIT's strategy to support growth in the middle market healthcare sector.

Positive

• Arranged $48 million in senior debt financing, enhancing the firm's portfolio.
• Strengthened relationship with Kayne Anderson Real Estate and Remedy Medical Properties.
• Properties acquired are modern and strategically located, promising increased accessibility for healthcare providers.

Negative

• None.

NEW YORK, Jan. 27, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger of senior debt financing aggregating $48 million for the acquisition of a portfolio of medical office buildings.

The borrower is a joint venture between Kayne Anderson Real Estate and Remedy Medical Properties. The portfolio properties are located in four states and collectively total more than 189,000 square feet. They include:

• The Bon Secours Medical Office Building  in Chesapeake, Virginia.
• The Locust Grove Medical Center in Locust Grove, Georgia.
• The Spectrum Medical Office Building in Gilbert, Arizona.
• The Arizona Spine and Joint Medical Office Building in Mesa, Arizona.
• The Plano Medical Office Building in Plano, Texas.

"These medical office buildings are modern facilities in attractive locations, easily accessed by healthcare patients and providers," said Peter Westmeyer, CEO, Remedy Medical Properties. "We are pleased to add these properties to our portfolio and appreciate CIT's agility and expertise in arranging financing."

"Kayne Anderson Real Estate and Remedy Medical Properties are well-known as leading investors in medical office buildings and other real estate," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "We are excited to have expanded our relationship with the Kayne Anderson/Remedy joint venture through providing this very important acquisition debt financing."

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 Kayne Anderson Real Estate

Kayne Anderson Real Estate ("KA Real Estate") is a leading real estate private equity investor in medical office, seniors housing, off-campus student housing, and self storage. KA Real Estate manages over $10 billion of real estate AUM (as of 11/30/20) across opportunistic equity, core equity and real estate debt. KA Real Estate is part of Kayne Anderson Capital Advisors, L.P., a $31 billion alternative investment management firm (AUM as of 11/30/20) with more than 36 years of successful experience in the real estate, infrastructure, credit, and growth capital sectors. For more information visit  https://kaynecapital.com/real-estate-private-equity/

About Remedy Medical Properties

Remedy Medical Properties is an independent, full-service healthcare real estate company providing acquisition, development, leasing, management and strategy consulting services across the United States. As the largest private owner of healthcare facilities in the country, with 22.7 million square feet spanning 41 states, the company creates customized real estate solutions for some of the most discerning healthcare providers in the country. Remedy works with hospitals, health systems, and physician groups to drive down real estate costs, increase tenant satisfaction, improve the patient experience, and expand into new markets. Headquartered in Chicago, the company has 22 offices throughout the country. For more information visit  https://www.remedymed.com.

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

 

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SOURCE CIT Group Inc.

FAQ

What financing did CIT arrange for medical office buildings?

CIT arranged $48 million in senior debt financing for a joint venture to acquire medical office buildings.

What is the purpose of the $48 million financing by CIT?

The financing is intended for the acquisition of a portfolio of medical office buildings across four states.

Who are the borrowers of the $48 million financing arranged by CIT?

The borrowers are a joint venture between Kayne Anderson Real Estate and Remedy Medical Properties.

How many square feet do the acquired properties total?

The acquired properties collectively total more than 189,000 square feet.

In which states are the medical office buildings located?

The medical office buildings are located in Virginia, Georgia, Arizona, and Texas.