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CIT Arranges $34MM Financing for Texas Assisted Living Facility

September 11, 2019, 08:40 AM
Filed Under: Nursing Facilities

CIT Group Inc. (NYSE: CIT) announced that its Healthcare Finance unit served as sole lead arranger on a $34 million financing for an assisted living facility in Richmond, Texas.

The loan will be used primarily to refinance construction debt on the Delaney at Parkway Lakes, a 207-unit senior housing community. The borrower is a joint venture between Blue Moon Capital Partners and LCS, one of the nation's largest operators of senior living communities.

"CIT's expertise in the healthcare sector and efficient underwriting process helped us reach agreement and arrange for a smooth closing on the financing for this project," said Chris Kronenberger, of Blue Moon Capital Partners.

"We worked closely with our customers throughout this process to understand their priorities and deliver a comprehensive financing package that met their objectives," said William Douglass, managing director and group head for Healthcare Finance at CIT.

CIT's Healthcare Finance unit, part of its 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.

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