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CIT Completes Financing for Three Medical Office Buildings in Tennessee

December 14, 2018, 08:05 AM
Filed Under: Real Estate

CIT Group Inc. announced that its Healthcare Finance business, part of CIT’s Commercial Finance division, served as sole lead arranger of $21.4 million in senior secured credit facilities for Virtus Real Estate Capital, a private equity real estate firm that focuses on cycle-resilient alternative property types. 

The financing supported the acquisition of three medical office buildings located within the greater Nashville, Tennessee, metropolitan area.

“Medical Office is one of our key property types thanks to the growing demand for healthcare services due to an aging population," said Matt Withey, Virtus Acquisitions Director. "We sought a partner with a track record of success in the sector who could provide timely execution of the financing.  We appreciated CIT's responsiveness and industry expertise, which were evident throughout the transaction."

“We are pleased to have the opportunity to support the continued growth of Virtus Real Estate Capital in financing these properties,” said William Douglass, managing director and group head of CIT’s Healthcare Finance business. “We worked closely with Virtus to understand their needs and provide them a comprehensive financing package.”

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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