CIT Group’s 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.
