CIT’s expertise and experience in middle market healthcare financing was essential to us when choosing a lender.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Corporate Finance, Healthcare provided a $29.5 million senior secured credit facility to Real Properties Health Facilities Corp. (RPHF), that will be used to consolidate existing real estate debt and for working capital purposes. RPHF operates 12 skilled nursing and assisted living facilities with approximately 1,000 available beds in Indiana, Kansas, Montana and Wisconsin. Lancaster Pollard, a specialty healthcare investment bank, advised RPHF as its placement agent for the financing. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT.
“This financing was extremely important to us as we consolidate our ownership and position ourselves for our future,” said Patricia Green, President and CEO, Real Properties Health Facilities Corp. “CIT’s expertise and experience in middle market healthcare financing was essential to us when choosing a lender.”
Michael Coiley, Managing Director, CIT Corporate Finance, Healthcare, said, “We were able to leverage our sector knowledge to help RPHF simplify their capital structure. Their highly experienced senior management team has executed on several key strategic initiatives that have positioned the company well for the future. We’re pleased we could provide this financing and look forward to expanding our relationship in the future.”
Grant Goodman, Vice President at Lancaster Pollard, noted: “RPHF needed a lending partner that could streamline and consolidate their capital stack in a cost effective way. We worked closely with their management team to identify a sector expert with the ability to execute a tailored financing efficiently. CIT quickly distinguished themselves with deep industry knowledge and scalable investment capacity. They successfully structured a comprehensive debt solution that meets the needs of RPHF and better positions the company for the future.”
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About Real Properties Health Facilities Corp.
Real Properties Health Facilities Corp. is a Skilled Nursing Facility (“SNF”) and Assisted Living Facility (“ALF”) provider with 12 facilities, representing about 1,000 available beds, located in four states: Indiana, Kansas, Montana and Wisconsin. The company is headquartered in Las Vegas, NV.
About Lancaster Pollard
Lancaster Pollard helps healthcare, senior living and housing providers expand and improve their services by delivering financial advice and financing solutions. The firm offers a full range of investment banking, mortgage banking, private equity, balance sheet financing, M&A and investment advisory services. Lancaster Pollard has earned a reputation for delivering sound financial advice and the most cost-effective financing options available in the market. lancasterpollard.com
About CIT Corporate Finance, Healthcare
CIT Corporate Finance, Healthcare offers comprehensive financing solutions and advisory services to companies across the healthcare industry. Through its client-focused and industry centric model, it tailors corporate financing products and advice to meet the complex needs of its clients. cit.com/healthcare
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE:CIT). It provides lending and leasing to the small business, middle market and transportation sectors. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals. As of March 31, 2015, it had more than $16 billion of deposits and more than $21 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services principally to middle market companies across more than 30 industries primarily in North America, as well as equipment financing and leasing solutions to the transportation industry worldwide. Its U.S. commercial bank subsidiary, CIT Bank (Member FDIC) BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com
Matt Klein, 973-597-2020
Vice President, Media Relations