CIT Serves as Sole Lead Arranger of $36.8 Million in Financing for Bakersfield Heart Hospital

NEW YORK, April 10, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced its Healthcare Finance business served as sole lead arranger for $36.8 million in financing for the real estate acquisition of the Bakersfield Heart Hospital by The Sanders Trust.

Bakersfield Heart Hospital is an award-winning hospital located in Bakersfield, California, specializing in the diagnosis and treatment of heart and vascular disease as well as a wide range of other medical and surgical procedures. The hospital will continue to be owned and managed by its current team of over 400 employees, leading cardiologists, physicians and surgeons in Bakersfield and Kern County.

"In seeking financing for this transaction, we looked for a partner with a track record of success in the healthcare sector who could act promptly and with certainty of execution," said Steve B. Hewett, senior vice president of The Sanders Trust. "We appreciated CIT's agility and industry expertise in arranging this financing."

"We worked closely with The Sanders Trust to understand their goals for this transaction and provide them with a comprehensive financing package that met those objectives," said William Douglass, managing director and group head of CIT's Healthcare Finance business.

CIT's Healthcare Finance unit, part of CIT's 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 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. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of Dec. 31, 2018, 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.

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John M. Moran
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SOURCE CIT Group Inc.