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CIT Provides Over $44MM in Financing for Medical Office Building Properties

February 24, 2022, 07:05 AM
Filed Under: Real Estate

CIT, a division of First Citizens Bank, announced that its Healthcare Finance division provided more than $44 million toward the financing of medical office buildings and facilities in Florida, Washington, and Arizona.
The loans supported a joint venture managed by Montecito Medical Real Estate in acquiring medical office buildings in Jacksonville and Fleming Island, Florida; Scottsdale, Arizona; and Spokane, Washington.

"We identified multiple high-quality medical facilities in attractive locations with strong market demand for services," said Chip Conk, Chief Executive Officer, Montecito Medical Real Estate. "CIT is a reliable and consistent relationship lender with deep industry expertise in the medical office sector.  We are pleased to continue to leverage their know-how and agility to arrange financing for these and other medical office acquisition opportunities."

"The market continues to support robust demand for top-tier medical office properties and we are thrilled to execute these transactions on behalf of Montecito," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "We focus on creating the best financing package to meet our client's investment objectives."

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