PR Newswire | Oct 6, 2020 09:02AM EDT

Building Portfolio

10/06 08:00 CDT

CIT Serves as Sole Lead Arranger on $33.2 Million Financing for Medical Office Building Portfolio NEW YORK, Oct. 6, 2020

NEW YORK, Oct. 6, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger for a $33.2 million loan to acquire a portfolio of medical office buildings across five states.

The borrower, Montecito Medical Real Estate, used the loan proceeds to acquire a portfolio of eight medical office buildings with locations in Connecticut, Alabama, Tennessee, North Carolina and Missouri.

"CIT's healthcare expertise made them a natural choice as we sought financing for our medical office building acquisitions," said Chip Conk, CEO of Montecito Medical Real Estate. "We appreciated CIT's responsiveness and agility in successfully closing this financing."

"Montecito Medical is building an impressive portfolio of properties in attractive locations to serve the medical community and patients," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "We were pleased to work closely with them to develop the financing needed to complete the 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, the Healthcare Finance team 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. Moran212-461-5507 john.moran@cit.com

View original content to download multimedia: http://www.prnewswire.com/news-releases/cit-serves-as-sole-lead-arranger-on-33-2-million-financing-for-medical-office-building-portfolio-301146020.html

SOURCE CIT Group Inc.