CIT Provides $39.25 Million for Acquisition of Medical Office Buildings

News provided by

CIT, a division of First Citizens Bank

Oct 18, 2022, 09:00 ET

NEW YORK, Oct. 18, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business provided $39.25 million in financing for the acquisition of a portfolio of seven medical office buildings and dialysis centers in Texas, Georgia, Washington and Idaho.

The properties were acquired by affiliates of Ridgeline Capital Partners, a Texas-based firm focused exclusively on acquiring and operating healthcare real estate. The combined properties represent more than 150,000 square feet of modern healthcare facilities.

"Our expertise is focused on acquiring and operating the best properties to serve the needs of the ever-changing healthcare industry," said Jeff Axley, Founder and Managing Principal of Ridgeline Capital Partners. "We appreciate CIT's expertise and agility in arranging the financing to acquire these properties."

"Ridgeline Capital Partners is well-known for its growing portfolio of quality healthcare properties in key markets," said William Douglass, managing director and group head for CIT Healthcare Finance.

"We always work closely with Ridgeline Capital Partners to understand their financing needs and are pleased to continue our support of this successful MOB acquisition strategy," said Steven Reedy, a managing director in CIT Healthcare Finance.

CIT's Healthcare Finance unit 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.

About Ridgeline Capital Partners

Ridgeline is a private equity firm specializing in the acquisition and ownership of medical office buildings, ASCs, and behavioral health facilities across the United States. For more information, please visit www.ridgelinecp.com

MEDIA RELATIONS:
John M. Moran
212-461-5507
[email protected]

SOURCE CIT, a division of First Citizens Bank