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CIT Serves as Sole Lead Arranger on $34 Million Financing for Texas Assisted Living Facility
September 10, 2019
Source: CIT Group, Inc.
CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance unit served as sole lead arranger on a $34 million financing for an assisted living facility in Richmond, Texas.
The loan will be used primarily to refinance construction debt on the Delaney at Parkway Lakes, a 207-unit senior housing community. The borrower is a joint venture between Blue Moon Capital Partners and LCS, one of the nation's largest operators of senior living communities.
"CIT's expertise in the healthcare sector and efficient underwriting process helped us reach agreement and arrange for a smooth closing on the financing for this project," said Chris Kronenberger, of Blue Moon Capital Partners.
"We worked closely with our customers throughout this process to understand their priorities and deliver a comprehensive financing package that met their objectives," said William Douglass, managing director and group head for Healthcare Finance at CIT.
CIT's Healthcare Finance unit, part of its 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.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: 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.
John M. Moran