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CIT Completes Financing for Two Medical Office Buildings in Massachusetts

December 04, 2018, 07:15 AM
Filed Under: Real Estate

CIT Group Inc. announced that its Healthcare Finance business, part of CIT’s Commercial Finance division, provided $28.7 million in financing for the acquisition of medical office buildings in Brockton and Haverhill, Massachusetts.

The Brockton building houses the Greene Cancer Center, which is affiliated with Signature Healthcare Brockton Hospital. The building is leased to the hospital, which is launching a new oncology program on the campus, along with orthopedics and other specialist services.

The Haverhill building, known as the Haverhill Medical Center, is a recently constructed medical office building leased to Anna Jaques Hospital in Newburyport, Massachusetts. 

Both buildings were acquired by Chestnut Healthcare Partners LP, a discretionary investment fund co-managed by Anchor Health Properties and Chestnut Real Estate.

“CIT’s healthcare industry expertise made them a natural choice as we sought financing for these important acquisitions,” said James Schmid of Anchor Health Properties. “We’re pleased with the outcome and the smooth closing process.”

“We worked closely with Anchor Health Properties and Chestnut Real Estate to understand their needs and create a financing package that supported their goals for these transactions,” said William Douglass, managing director and group head of CIT’s Healthcare Finance business.

CIT’s Healthcare Finance unit 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.



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