NEW YORK, July 29, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) and its Healthcare Finance unit today announced a $25 million loan supporting Seavest Healthcare Properties' acquisition of the MLK Community Hospital Medical Office Building in South Los Angeles. The private, nonprofit hospital provides essential healthcare services for residents of the Watts, Compton and Willowbrook neighborhoods of Los Angeles.
"We're pleased to leverage our expertise to create a financing solution that meets Seavest's investment objectives," said William Douglass, managing director and group head for CIT's Healthcare Finance. "This effort advances the hospital's mission while helping to drive transformative change and further revitalize the Watts area."
MLK Community Hospital is part of a public-private partnership with Los Angeles County and was established in 2015 to meet the needs of the South Los Angeles community including the uninsured and underinsured. Efforts to create additional offerings are in development including outpatient testing, physical therapy, durable medical equipment, chronic care treatment facilities, and other health related services.
"We're pleased to work with CIT on this transaction, and to expand our portfolio in Los Angeles," said John Winer, senior managing director and chief investment officer for Seavest Healthcare Properties. "This acquisition provides the opportunity to invest in a newly developed, on campus outpatient facility in South Los Angeles and to assist in delivering critical healthcare services to the area's one million residents."
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. The financing follows CIT's recent $47 million investment in the Jordan Downs Apartment Project to develop a 92-unit multifamily apartment complex in the Watts neighborhood.
"Our community needs our support now more than ever," said Steve Solk, president of Consumer Banking at CIT. "We're pleased to play a key role in this transaction and continue our investment in the Watts neighborhood and surrounding areas during this challenging time."
CIT anticipates making further investments in the Watts community later this year, including a new branch in the area.
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.
Seavest Healthcare Properties, LLC is a real estate investment management firm focused on the medical office and outpatient facility sector. The firm acquires existing properties, joint ventures with established developers to build new properties, and asset manages medical office buildings, outpatient facilities and similar healthcare real estate assets. A pioneer in this sector, Seavest made its first healthcare real estate investment in the mid-1980s. Today, the firm has a significant portfolio of medical office buildings and outpatient facilities located throughout the United States. For more information, please visit SeavestHCP.com.
SOURCE CIT Group Inc.