CIT Arranges $58.9 Million Financing for Micro-Hospital Portfolio

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CIT, a division of First Citizens Bank

Sep 27, 2022, 09:00 ET

NEW YORK, Sept. 27, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business served as lead arranger of $58.9 million in financing for the acquisition of a portfolio of six micro-hospitals.

The buyer is a joint venture directed by an affiliate of Rethink Healthcare Real Estate, formerly Seavest Healthcare Properties. Each property within the portfolio is branded Baylor Scott & White Emergency Hospital. The assets encompass a total of 189,385 of rentable square feet, which is fully leased and located in the Dallas/Fort Worth, Texas metroplex.

"Micro-hospitals are an important innovation in the delivery of healthcare, and we are pleased to acquire this portfolio of quality facilities in an attractive, growing market," said John Winer, president and chief investment officer of Rethink. "We appreciate CIT's agility and industry knowledge that resulted in a seamless execution of this very important financing."

"Rethink changed its name recently to better communicate its mission of improving the delivery of healthcare in communities across the U.S. The firm is widely known for its expertise in medical office real estate investing and we appreciate the opportunity to collaborate with them on this financing," said William Douglass, managing director and group head for CIT Healthcare Finance.

"We are pleased to continue to support and expand our growing relationship with Rethink through the arrangement of this financing to acquire the high quality portfolio of micro-hospitals," said Steven Reedy, managing director, CIT Healthcare Finance.

CIT Healthcare Finance 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 capital.

About CIT
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.

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SOURCE CIT, a division of First Citizens Bank