NEW YORK, April 22, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on a $19.3 million loan to finance the acquisition of the Sugar Creek Health Center in Sugar Land, Texas.
The Sugar Creek Health Center, a 84,646-square-foot medical office building located approximately 20 miles southwest of Houston, is leased to a diverse mix of tenants that provide various medical services including ambulatory surgery, imaging, orthopedics, women's health, dentistry and optometry, among others.
The borrower is an affiliate of Virtus Real Estate Capital, an industry-leading investor in medical office buildings with a strong history of working with CIT on acquisition financing.
"Sugar Creek Health Center is a recently upgraded facility that offers a wide range of medical services in a convenient, high-growth location," said Matt Withey, Managing Director of Virtus Real Estate Capital. "We are excited to add this medical office building to our portfolio and pleased to continue our financing relationship with CIT."
"We were pleased to again support Virtus Real Estate Capital with financing for their acquisition of this valuable health center, which provides medical care for patients across a large and growing region," said William Douglass, managing director and group head for CIT's Healthcare Financebusiness.
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 CIT 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.