NEW YORK, April 6, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on an $18.5 million loan to finance the acquisition of the Singing River Cancer Center in Florence, Alabama.
The borrower, Cypress West Partners is an experienced and successful owner and manager of healthcare properties that has a long history of acquisition financing with CIT. The Singing River Cancer Center, a 45,900-square-foot medical office building, opened in the fall of 2020 and is fully leased to complementary tenants that provide cancer care, oncology and imaging services.
"Singing River Cancer Center is a modern, well-designed and efficient medical facility in an attractive and convenient location," said Christopher J. Cumella, CEO, Cypress West Partners. "We are pleased to add this very solid asset to our growing medical office portfolio and are grateful for our acquisition financing relationship with CIT."
"It was a pleasure to work with the Cypress West team once again to meet their financing needs as they continue to build their portfolio of outstanding medical office buildings," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "We look forward to future opportunities to support their continued growth."
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, the Healthcare Finance team 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 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.