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CIT Serves as Sole Lead Arranger on $27.2 Million Financing for Texas Assisted Living Facilities

NEW YORK, Sept. 12, 2019 /PRNewswire/ -- CIT Group Inc. (CIT) today announced that its Healthcare Finance business served as sole lead arranger for a $27.2 million loan for two assisted living facilities in Texas.

(PRNewsfoto/CIT Group Inc.)

The borrower, a joint venture between Harrison Street and Franklin Development Partners, is using the loan proceeds to refinance existing debt and cover closing costs on the assisted living facilities -- one located near San Antonio, Texas, and the other near Austin, Texas. Taken together, the facilities comprise 154 units.

"CIT's expertise in the healthcare industry made them a natural choice as we sought financing for these assisted living facilities," said Kevin Wilbur, of Franklin Companies. "We appreciated CIT's responsiveness and agility in helping bring this financing to a successful closing."

"We were pleased to support Harrison Street and Franklin Development with financing as they continue to build their portfolio of healthcare properties," said William Douglas, managing director and group head for CIT's Healthcare Finance business.

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.

About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of June 30, 2019, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank. Discover more at cit.com/about.

MEDIA RELATIONS: 
John M. Moran
212-461-5507
john.moran@cit.com

 

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