Dealmaker: CIT Arranges $52M for Medical Properties

CIT Group, New York, arranged $51.6 million for California and Texas medical real estate assets.

In Bakersfield, Calif., CIT’s Healthcare Finance business arranged $36.8 million in financing for The Sanders Trust, Birmingham, Ala., to acquire the 47-bed Bakersfield Heart Hospital.

The Sanders Trust paid $49 million for the facility, which specializes in treating heart and vascular disease.

The Bakersfield Californian said The Sanders Trust will own the facility but a team of local doctors named HMG Management Co. will continue to own and manage hospital operations. “Basically, instead of…owning the house you’re renting the house now,” HMG partial owner Dr. Brij Bhambi told the Californian. “It de-leverages our debt.” 

CIT Group Healthcare Finance also arranged $14.8 million for Greenville Medical Tower in Dallas. A joint venture managed by Catalyst Healthcare Real Estate and Bain Capital Real Estate acquired the six-story medical office building that sits across the street from 857-bed Texas Health Presbyterian Hospital Dallas.

“The robust demand for healthcare services in the Greater Dallas-Fort Worth market means the Greenville Medical Tower will continue to play an important role in serving the community,” said Catalyst Senior Vice President Alex Bell.