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CIT Serves as Sole Lead Arranger on $18.5 MM Financing for Alabama Cancer Center

April 07, 2021, 06:33 AM
Filed Under: Healthcare

CIT Group's Healthcare Finance business served as sole lead arranger on an $18.5 million loan to finance the acquisition of the Singing River Cancer Center in Florence, Alabama.

The borrower, Cypress West Partners is an experienced and successful owner and manager of healthcare properties that has a long history of acquisition financing with CIT. The Singing River Cancer Center, a 45,900-square-foot medical office building, opened in the fall of 2020 and is fully leased to complementary tenants that provide cancer care, oncology and imaging services.

“Singing River Cancer Center is a modern, well-designed and efficient medical facility in an attractive and convenient location,” said Christopher J. Cumella, CEO, Cypress West Partners. “We are pleased to add this very solid asset to our growing medical office portfolio and are grateful for our acquisition financing relationship with CIT.”

“It was a pleasure to work with the Cypress West team once again to meet their financing needs as they continue to build their portfolio of outstanding medical office buildings,” said William Douglass, managing director and group head for CIT’s Healthcare Finance business. “We look forward to future opportunities to support their continued growth.”

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