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Classified in: Health, Business
Subject: TNM

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 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 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 Virtus Real Estate Capital
Virtus Real Estate Capital, founded in 2003, is a hands-on, data-driven, curious investor that delivers compelling outcomes from cycle-resilient investments for all stakeholders. Through thoughtful evolution and resilience in challenging times, Virtus has purposefully worked to foster thriving communities that empower people to live better lives.  Over the last 18 years, it has acquired 255 properties for a combined acquisition value of over $4.7 billion and has fully realized 181 property investments.  With a strong and established track record, Virtus has proven to be successful in all phases of the market cycle.  For more information, please visit virtusre.com.

John M. Moran



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