NEW YORK, June 20, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business, part of CIT's Commercial Finance division, has closed on a $26.6 million loan to finance the purchase of two adjoining medical office buildings in Rockville, Md.
The properties, known as the Shady Grove Professional Center, consist of two four-story buildings on 5.6 acres with more than 100,000 square feet of rentable space. The site is located near both Interstate 270 and the Adventist HealthCare Shady Grove Medical Center, a 304-bed short-term acute care hospital.
The borrower is a joint venture between Anchor Health Properties, MedProperties, and CDC Realty. The loan proceeds were used to fund a portion of the acquisition cost with proceeds held back to fund future tenant improvements and leasing commissions.
"CIT's financing was a key element in our ability to invest in this property, which is strategically located near other significant medical facilities, including Adventist HealthCare Shady Grove Medical Center, a research and lab campus for Johns Hopkins University, and the Shady Grove Life Sciences Center," said James Schmid, Chief Investment Officer at Anchor Health Properties. "CIT's expertise in financing medical office buildings and its efficient underwriting process resulted in a timely and smooth closing of this transaction."
"Our Healthcare Finance team is especially well positioned with the capabilities and market knowledge needed to help customers acquire attractive properties in the increasingly busy market for medical office facilities," said William Douglass, managing director and group head of CIT's Healthcare Finance business.
"We were pleased to be able to assist this joint venture with the financing needed to make this acquisition possible," 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.