CIT Serves as Sole Lead Arranger on Financing for Houston-area Medical Office Building
NEW YORK, Sept. 9, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on financing for the acquisition of Hedwig Place, a 102,774-square-foot five-story medical office building close to downtown Houston, Texas.
The facility is a Class-A medical office building within the affluent Hedwig Village area located about 10 miles west of downtown Houston. Tenants include medical practices in surgery, neurology, ENT and other specialties.
The property is being acquired by a joint venture of Virtus Real Estate Capital, an industry-leading investor in medical office buildings with a strong history of working with CIT on acquisition financing, and Saber Street, a boutique, full-service commercial real estate company based in Houston, Texas specializing in the sponsorship, development, ownership and operation of healthcare assets.
"This Class-A facility is an excellent addition to our growing portfolio of investments in premier medical office buildings," said Matt Withey, Managing Director of Healthcare Acquisition at Virtus Real Estate Capital. "We are excited to complete this transaction and pleased to continue our financing relationship with CIT."
"The Hedwig Place facility is well-positioned to support the healthcare needs of the Greater Houston region," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "We look forward to continuing to work with these sponsors as they growth their portfolios."
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, Healthcare Finance can tailor its products and services to help clients meet their needs for growth capital.
About Virtus Real Estate Capital
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SOURCE CIT Group Inc.
Company Codes: NYSE:CIT
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