CIT Arranges $58.9 Million Financing for Micro-Hospital Portfolio

Rhea-AI Summary

CIT, a division of First Citizens Bank, announced it arranged $58.9 million in financing for the acquisition of a portfolio of six micro-hospitals located in the Dallas/Fort Worth, Texas area. The properties, branded as Baylor Scott & White Emergency Hospital, cover 189,385 square feet of fully leased space. Rethink Healthcare Real Estate, the buyer, emphasized the importance of micro-hospitals in healthcare delivery. CIT Healthcare Finance continues to strengthen its relationship with Rethink through this investment, showcasing its role in middle market healthcare financing.

Positive

• Arranged $58.9 million for micro-hospital acquisition.
• Supports growth in healthcare delivery innovation.
• Strengthens relationship with Rethink Healthcare Real Estate.

Negative

• None.

NEW YORK, Sept. 27, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business served as lead arranger of $58.9 million in financing for the acquisition of a portfolio of six micro-hospitals.

The buyer is a joint venture directed by an affiliate of Rethink Healthcare Real Estate, formerly Seavest Healthcare Properties. Each property within the portfolio is branded Baylor Scott & White Emergency Hospital. The assets encompass a total of 189,385 of rentable square feet, which is fully leased and located in the Dallas/Fort Worth, Texas metroplex.

"Micro-hospitals are an important innovation in the delivery of healthcare, and we are pleased to acquire this portfolio of quality facilities in an attractive, growing market," said John Winer, president and chief investment officer of Rethink. "We appreciate CIT's agility and industry knowledge that resulted in a seamless execution of this very important financing."

"Rethink changed its name recently to better communicate its mission of improving the delivery of healthcare in communities across the U.S. The firm is widely known for its expertise in medical office real estate investing and we appreciate the opportunity to collaborate with them on this financing," said William Douglass, managing director and group head for CIT Healthcare Finance.

"We are pleased to continue to support and expand our growing relationship with Rethink through the arrangement of this financing to acquire the high quality portfolio of micro-hospitals," said Steven Reedy, managing director, CIT Healthcare Finance.

CIT Healthcare Finance provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. By using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for capital.

About CIT 
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.

MEDIA RELATIONS: 
John M. Moran 
212-461-5507 
john.moran2@firstcitizens.com

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SOURCE CIT, a division of First Citizens Bank

FAQ

What was announced by CIT on September 27, 2022?

CIT announced it arranged $58.9 million in financing for a portfolio of six micro-hospitals.

Where are the micro-hospitals located?

The micro-hospitals are located in the Dallas/Fort Worth, Texas metroplex.

Who is the buyer of the micro-hospital portfolio financed by CIT?

The buyer is a joint venture directed by an affiliate of Rethink Healthcare Real Estate.

What is the significance of micro-hospitals mentioned in the CIT press release?

Micro-hospitals are noted as an important innovation in the delivery of healthcare.

What is CIT Healthcare Finance's role in the transaction?

CIT Healthcare Finance served as the lead arranger for the financing of the acquisition.