NEW YORK — May 14, 2020 — CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance unit served as the sole lead arranger on a $21 million acquisition financing for a portfolio of medical facilities in Texas.
Ridgeline Capital Partners acquired nine medical properties containing approximately 100,000 square feet in the Dallas-Fort Worth area. Affiliates of U.S. Renal Care, a leading dialysis provider, serve as primary tenants for the facilities, which also house other healthcare services.
“The demand for modern dialysis and nephrology facilities in attractive locations within the Dallas-Fort Worth metroplex remains strong. Ridgeline is pleased to add these high-quality medical office buildings to our portfolio,” said Jeff Axley, founder and managing principal of Ridgeline Capital Partners. “We appreciated CIT’s support, agility, expertise and commitment in arranging this acquisition financing, especially given the challenges in the present environment.”
“Ridgeline Capital is well-recognized for its real estate investment expertise and they are thoroughly familiar with the market in the Dallas-Fort Worth area,” said William Douglass, managing director and group head for CIT’s Healthcare Finance business. “We were pleased to arrange the financing to support this significant addition to their portfolio of healthcare properties.”
In connection with the financing, CIT is also providing a package of treasury management and capital markets services.
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 and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company’s commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT’s consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
About Ridgeline Capital Partners
Ridgeline Capital Partners is a Dallas-based real estate investment firm focused on acquiring and operating healthcare real estate. The firm has extensive market knowledge, relationships and experience in acquisitions, capital markets and asset management that enable it to recognize, plan and execute on opportunities as they emerge. For more information, visit www.ridgelinecp.com.
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