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CIT Provides $39.25MM for Acquisition of Medical Office Buildings

October 19, 2022, 07:45 AM
Filed Under: Real Estate

CIT, a division of First Citizens Bank, announced that its Healthcare Finance business provided $39.25 million in financing for the acquisition of a portfolio of seven medical office buildings and dialysis centers in Texas, Georgia, Washington and Idaho.
The properties were acquired by affiliates of Ridgeline Capital Partners, a Texas-based firm focused exclusively on acquiring and operating healthcare real estate. The combined properties represent more than 150,000 square feet of modern healthcare facilities.

"Our expertise is focused on acquiring and operating the best properties to serve the needs of the ever-changing healthcare industry," said Jeff Axley, Founder and Managing Principal of Ridgeline Capital Partners. "We appreciate CIT's expertise and agility in arranging the financing to acquire these properties."

"Ridgeline Capital Partners is well-known for its growing portfolio of quality healthcare properties in key markets," said William Douglass, managing director and group head for CIT Healthcare Finance.

"We always work closely with Ridgeline Capital Partners to understand their financing needs and are pleased to continue our support of this successful MOB acquisition strategy," said Steven Reedy, a managing director in CIT Healthcare Finance.

CIT's Healthcare Finance unit provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. By using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for capital.

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