Company Announcements

CIT Serves as Sole Lead Arranger on $16.1 Million Financing for Acquisition of Dialysis Center Portfolio

NEW YORK, Feb. 4, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on $16.1 million in financing for the acquisition of a portfolio of dialysis centers.

Cypress West Partners acquired the portfolio of six newly constructed built-to-suit dialysis centers in Meridian, McComb and Jackson, Mississippi; Lake Charles, Louisiana; Sacramento, California; and Bellmead, Texas. The facilities are occupied by Fresenius Medical Care, a leading dialysis provider.

"In seeking to finance the acquisition of this very attractive portfolio of dialysis centers, we looked to CIT because of their proven expertise in financing medical office buildings and their strong reputation for timely execution," said Christopher J. Cumella, CEO, Cypress West Partners. "We have closed on the financing for seven medical office acquisitions with CIT over the past two years. CIT is a highly valued and trusted provider of first mortgage capital."

"We worked closely with Cypress West to understand their requirements and provide financing that satisfied their business needs," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "It was a pleasure to work with the Cypress West team again and we look forward to continuing to expand our banking relationship through future opportunities."

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

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/cit-serves-as-sole-lead-arranger-on-16-1-million-financing-for-acquisition-of-dialysis-center-portfolio-301222004.html

SOURCE CIT Group Inc.