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CIT Provides $21MM Medical Office Portfolio Loan

May 15, 2020, 09:15 AM
Filed Under: Healthcare

CIT Group Inc. announced that its Healthcare Finance unit served as the sole lead arranger on a $21 million acquisition financing for a portfolio of medical facilities in Texas.

Ridgeline Capital Partners acquired nine medical properties containing approximately 100,000 square feet in the Dallas-Fort Worth area. Affiliates of U.S. Renal Care, a leading dialysis provider, serve as primary tenants for the facilities, which also house other healthcare services.

“The demand for modern dialysis and nephrology facilities in attractive locations within the Dallas-Fort Worth metroplex remains strong. Ridgeline is pleased to add these high-quality medical office buildings to our portfolio,” said Jeff Axley, founder and managing principal of Ridgeline Capital Partners. “We appreciated CIT’s support, agility, expertise and commitment in arranging this acquisition financing, especially given the challenges in the present environment.”

“Ridgeline Capital is well-recognized for its real estate investment expertise and they are thoroughly familiar with the market in the Dallas-Fort Worth area,” said William Douglass, managing director and group head for CIT’s Healthcare Finance business. “We were pleased to arrange the financing to support this significant addition to their portfolio of healthcare properties.”

In connection with the financing, CIT is also providing a package of treasury management and capital markets services.

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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