CIT Serves As Sole Lead Arranger On $48 Million Portfolio Financing Of Medical Office Buildings

CIT Group Inc. announced that its Healthcare Finance business served as sole lead arranger of senior debt financing aggregating $48 million for the acquisition of a portfolio of medical office buildings.

The borrower is a joint venture between Kayne Anderson Real Estate and Remedy Medical Properties. The portfolio properties are located in four states and collectively total more than 189,000 square feet. They include:

• The Bon Secours Medical Office Building  in Chesapeake, Virginia

• The Locust Grove Medical Center in Locust Grove, Georgia

• The Spectrum Medical Office Building in Gilbert, Arizona

• The Arizona Spine and Joint Medical Office Building in Mesa, Arizona

• The Plano Medical Office Building in Plano, Texas

“These medical office buildings are modern facilities in attractive locations, easily accessed by healthcare patients and providers,” said Peter Westmeyer, CEO, Remedy Medical Properties. “We are pleased to add these properties to our portfolio and appreciate CIT’s agility and expertise in arranging financing.”

“Kayne Anderson Real Estate and Remedy Medical Properties are well-known as leading investors in medical office buildings and other real estate,” said William Douglass, managing director and group head for CIT’s Healthcare Finance business. “We are excited to have expanded our relationship with the Kayne Anderson/Remedy joint venture through providing this very important acquisition debt financing.”

CIT’s Healthcare Finance unit, part of the 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.

Source: PRNewswire