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CIT Serves as Sole Lead Arranger on $19.3MM Financing for Texas Health Center

April 23, 2021, 07:08 AM
Filed Under: Real Estate

CIT Group's Healthcare Finance business served as sole lead arranger on a $19.3 million loan to finance the acquisition of the Sugar Creek Health Center in Sugar Land, Texas.

The Sugar Creek Health Center, an 84,646-square-foot medical office building located approximately 20 miles southwest of Houston, is leased to a diverse mix of tenants that provide various medical services including ambulatory surgery, imaging, orthopedics, women’s health, dentistry and optometry, among others.

The borrower is an affiliate of Virtus Real Estate Capital, an industry-leading investor in medical office buildings with a strong history of working with CIT on acquisition financing.

“Sugar Creek Health Center is a recently upgraded facility that offers a wide range of medical services in a convenient, high-growth location,” said Matt Withey, Managing Director of Virtus Real Estate Capital. “We are excited to add this medical office building to our portfolio and pleased to continue our financing relationship with CIT.”

“We were pleased to again support Virtus Real Estate Capital with financing for their acquisition of this valuable health center, which provides medical care for patients across a large and growing region,” said William Douglass, managing director and group head for CIT’s Healthcare Finance business.

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