CIT Healthcare Closes on $136.9 Million Credit Facility for CommuniCare Proceeds provide working capital, finance acquisition of 10 skilled nursing facilities
CIT Group Inc. (NYSE: CIT), a leading provider of commercial lending and leasing services, today announced that its Healthcare Finance business has closed a $136.9 million senior secured credit facility for CommuniCare Health Services Inc., a privately held company headquartered in Cincinnati, Ohio. The credit facility is comprised of a $121.9 million real estate term loan and a $15 million revolving asset-based line of credit.
CommuniCare, a post-acute care provider currently operating 73 facilities in seven states, used the real estate term loan to finance the acquisition of 10 skilled nursing facilities. The revolving line of credit provides CommuniCare with ongoing working capital financing. CIT served as the administrative agent on the senior credit facilities.
“We’ve closed a number of real estate loans over the years, but closing with CIT has been one of the easiest and a very smooth process,” said Charlie Stoltz, CommuniCare chief financial officer. “We greatly appreciated CIT’s expertise and assistance in bringing this financing to a successful closing.”
“We worked closely with CommuniCare throughout the financing process to better understand their needs and priorities, which enabled us to develop a creative financing solution that fully supported their goals for this transaction,” said William Douglass, managing director and group head of CIT’s Healthcare Finance business.
Michael Coiley, managing director of CIT’s Healthcare business, added: “CommuniCare has a sophisticated and highly experienced management team that has an unwavering commitment to excellence. We are proud to support them and we look forward to working with them again as they continue to grow and prosper.”
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Sept. 30, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook. Register to receive press releases at cit.mediaroom.com/email-alerts.
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