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CIT Arranges $64MM Refi for Assisted Living Facilities in Florida

May 13, 2019, 09:05 AM
Filed Under: Healthcare
Related: CIT Group

CIT Group Inc. announced that its Healthcare Finance business served as sole lead arranger for a $64 million loan to refinance assisted living facilities in Florida.

The borrower, Virtus Real Estate Capital (Virtus), is refinancing a portfolio of three properties comprising more than 350 assisted living and memory care units at facilities located in Clermont, Stuart and Tavares, Florida.

"We greatly appreciate CIT's expertise in healthcare real estate as they created the refinancing package we were looking for on this attractive portfolio of properties," said Will Strong, Virtus COO & CFO.

"We are pleased to provide Virtus with the refinancing they needed to power their business forward," said William Douglass, managing director and group head for CIT's Healthcare Finance business.

"Virus is well-respected as a perceptive and experienced investor in healthcare real estate," Douglass added. "We worked closely with them to develop a financing solution that fully met their needs for this 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, Healthcare Finance can tailor its products and services to help clients meet their needs for growth capital.

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