NEW YORK, Feb. 10, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Middle Market Banking business arranged $10.1 million in financing for construction of a new owner-occupied office building in Fremont, Nebraska.
The borrower, WLG Fremont LLC, will use the financing to construct a 54,000-square-foot office building to serve as the new headquarters for RTG Medical, a veteran-owned healthcare staffing agency supporting medical facilities nationwide.
In connection with the financing, CIT is also providing a package of treasury management and capital markets services. The project is being developed under the federal New Markets Tax Credit Program with Chase Community Equity, Chase New Markets Corporation, Hampton Roads Ventures, Massachusetts Housing Investment Corporation, and Evernorth Rural Ventures.
"RTG Medical is arguably one of the fastest growing companies in Fremont, and an outstanding market and community leader. This catalytic project will help attract and retain talent in both the Fremont and neighboring communities for years to come," says Arun Agarwal, CEO of White Lotus Group, manager of WLG Fremont.
"This facility is a big step forward for RTG Medical," said Jeremy Guenthner, RTG Medical's chief operating officer and a stakeholder in WLG Fremont. "We appreciated CIT's expertise and agility in arranging financing to help move this project ahead."
"We were pleased to work closely with WLG Fremont and RTG Medical to understand their requirements and arrange financing to meet their needs," said Tim Sullivan, president of CIT's Middle Market Banking business. "This new office building will support RTG's growth and also contribute to the local economy."
Middle Market Banking, part of CIT's Commercial Finance division, delivers a range of financial solutions to midsize clients through a relationship banking model. The business offers deposit solutions, loans, treasury services and other banking products to a wide range of sectors, including professional business services, education, healthcare and nonprofit organizations, among others.
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.
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SOURCE CIT Group Inc.