NEW YORK, May 29, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business, part of the Commercial Finance division, has closed on a $15.3 million loan to finance the purchase of a San Diego, Calif., medical office building.
The Coast Medical Center is a four-story medical office building located on nearly two acres, roughly 10 miles from downtown San Diego and less than a mile from two neighboring hospitals. Tenants offer a wide range of medical services, including surgery, urology, orthopedics and dentistry.
The borrower is a joint venture between Kayne Anderson Real Estate and MB Real Estate.
"CIT Healthcare Finance has backed several of our acquisitions in recent years by providing senior debt capital in support of our growing medical office portfolio," said Joe Magliochetti, senior vice president and managing director with MB Real Estate. "CIT is very proficient in healthcare real estate and has a specialized medical office financing program. Their combined healthcare and real estate expertise is evident in their very efficient underwriting process and ability to close in a timely fashion. We highly value this strategic relationship."
"We are pleased to continue supporting Kayne Anderson and MB Real Estate with financing as they add to their growing portfolio of medical office buildings," said William Douglass, managing director and group head of CIT's Healthcare Finance business.
"As more care shifts from inpatient to outpatient, investment in medical office buildings continues to increase and our Healthcare Finance team is well positioned with the experience and market knowledge to quickly evaluate and execute transactions for our clients," Douglass added.
CIT's Healthcare Finance business 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.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of March 31, 2018. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook.
SOURCE CIT Group Inc.