CIT Group Inc has provided $24.75 million to a joint venture between Kayne Anderson Real Estate Advisors and MBRE Healthcare. The financing will be used to acquire a Springfield, Massachusetts-based medical office building complex.
NEW YORK, April 25, 2019 /PRNewswire/ — CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as the sole lead arranger on $24.75 million in financing for the purchase of a medical office building complex in Springfield, Massachusetts.
The borrower, a joint venture between Kayne Anderson Real Estate Advisors and MBRE Healthcare, is acquiring the medical office buildings, which are located on Main Street in Springfield. They currently house a mix of medical practices and services that include ambulatory surgery, imaging, women’s health, ophthalmology, urology, podiatry and sleep medicine.
“The location of these buildings in close proximity to Baystate Medical Center means they will continue to play an important role in serving the medical needs of the Western Massachusetts community,” said Peter Westmeyer, president and managing principal of MBRE Healthcare. “We are excited to be the new owners, and we appreciated the expertise and efficiency of CIT’s Healthcare Finance team in helping us arrange optimal debt financing for this investment.”
“We worked closely with the buyers to ensure we understood their requirements and then customized a financing package specifically to meet their needs,” said William Douglass, managing director and group head of CIT’s Healthcare Finance business. “Listening carefully to the customer is one of our key strategies for empowering businesses to meet their goals.”
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 growth capital.
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, approximately $50 billion in assets as of March 31, 2019, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company’s commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT’s consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank. Discover more at cit.com/about.