CIT Provides $39.25 Million for Acquisition of Medical Office Buildings

Rhea-AI Summary

CIT, a division of First Citizens Bank, announced a financing deal of $39.25 million for Ridgeline Capital Partners to acquire a portfolio of seven medical office buildings and dialysis centers located in Texas, Georgia, Washington, and Idaho. The acquired properties consist of over 150,000 square feet of modern healthcare facilities. This transaction showcases CIT's commitment to supporting healthcare investments and demonstrates Ridgeline's expertise in the healthcare real estate sector.

Positive

• Financing of $39.25 million enables acquisition of strategic healthcare properties.
• Ridgeline Capital Partners expands its portfolio with more than 150,000 square feet of healthcare facilities.

Negative

• None.

NEW YORK, Oct. 18, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business provided $39.25 million in financing for the acquisition of a portfolio of seven medical office buildings and dialysis centers in Texas, Georgia, Washington and Idaho.

The properties were acquired by affiliates of Ridgeline Capital Partners, a Texas-based firm focused exclusively on acquiring and operating healthcare real estate. The combined properties represent more than 150,000 square feet of modern healthcare facilities.

"Our expertise is focused on acquiring and operating the best properties to serve the needs of the ever-changing healthcare industry," said Jeff Axley, Founder and Managing Principal of Ridgeline Capital Partners. "We appreciate CIT's expertise and agility in arranging the financing to acquire these properties."

"Ridgeline Capital Partners is well-known for its growing portfolio of quality healthcare properties in key markets," said William Douglass, managing director and group head for CIT Healthcare Finance.

"We always work closely with Ridgeline Capital Partners to understand their financing needs and are pleased to continue our support of this successful MOB acquisition strategy," said Steven Reedy, a managing director in CIT Healthcare Finance.

CIT's Healthcare Finance unit 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.

About Ridgeline Capital Partners

Ridgeline is a private equity firm specializing in the acquisition and ownership of medical office buildings, ASCs, and behavioral health facilities across the United States.  For more information, please visit www.ridgelinecp.com

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 is the acquisition financed by CIT?

CIT provided $39.25 million for the acquisition of seven medical office buildings and dialysis centers in Texas, Georgia, Washington, and Idaho.

Who acquired the medical office buildings?

The properties were acquired by Ridgeline Capital Partners, a Texas-based firm focused on healthcare real estate.

How much square footage is involved in the acquisition?

The combined properties represent over 150,000 square feet of healthcare facilities.

What is the significance of this financing for CIT?

This financing reflects CIT's commitment to supporting investments in the healthcare sector.

What type of properties did Ridgeline Capital Partners acquire?

Ridgeline Capital Partners acquired medical office buildings and dialysis centers.