PR Newswire | May 6, 2021 09:04AM EDT

Buildings in Bakersfield, California

05/06 08:00 CDT

CIT Serves as Sole Lead Arranger of $17.4 Million Financing for Medical Office Buildings in Bakersfield, California NEW YORK, May 6, 2021

NEW YORK, May 6, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on a $17.4 million loan to finance the acquisition of a portfolio of three medical office buildings in Bakersfield, California.

The medical office building portfolio includes more than 65,000 square feet, is fully leased and is located on the campus of Bakersfield Heart Hospital. A majority of the building tenants are practice groups affiliated with the hospital.

"We are pleased to add to our growing portfolio these high-quality medical office buildings, which are strategically located on-campus and under long-term leases to physician groups that are affiliated with the hospital," said Dr. Eli Karlin, M.D., Chief Investment Officer, Flagler Healthcare Investments. "We appreciate the agility and medical office lending expertise of the CIT team to facilitate this acquisition financing."

"It was a pleasure to provide the financing to support our client's acquisition of this portfolio of outstanding medical office buildings," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "These facilities provide critical medical care to Bakersfield and the surrounding community."

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.

About CITCIT 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.

MEDIA RELATIONS:John M. Moran212-461-5507john.moran@cit.com

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SOURCE CIT Group Inc.