NEW YORK, May 10, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger for a $64 million loan to refinance assisted living facilities in Florida.
The borrower, Virtus Real Estate Capital ("Virtus"), is refinancing a portfolio of three properties comprising more than 350 assisted living and memory care units at facilities located in Clermont, Stuart and Tavares, Florida.
"We greatly appreciate CIT's expertise in healthcare real estate as they created the refinancing package we were looking for on this attractive portfolio of properties," said Will Strong, Virtus COO & CFO.
"We are pleased to provide Virtus with the refinancing they needed to power their business forward," said William Douglass, managing director and group head for CIT's Healthcare Finance business.
"Virus is well-respected as a perceptive and experienced investor in healthcare real estate," Douglass added. "We worked closely with them to develop a financing solution that fully met their needs for this transaction."
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. 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.
Virtus Real Estate Capital, founded in 2003, brings thoughtful stewardship to the practice of real estate investment, delivering non-correlated alpha via cycle-resilient real estate. Over the last 16 years, Virtus has acquired 227 properties for a combined acquisition value of over $3.6 billion and has fully realized 172 property investments. With a strong and established track record, Virtus has proven to be successful in all phases of the market cycle. For more information, please visit www.virtusre.com.
SOURCE CIT Group Inc.