CIT’s healthcare finance business served as sole lender on a $22 million loan to AZ Banner Investments, which is managed by Webb Management & Investments. AZ Banner Investments used the loan to refinance the Chandler Medical Plaza, a three-story medical office building in Chandler, AZ.
Located minutes from downtown Chandler, AZ, and 15 miles southwest of Phoenix, the Chandler Medical Plaza houses an advanced surgery center and imaging center operated by Banner Health, the building’s sole tenant. Banner Health is a nonprofit healthcare system in the United States and, according to CIT, it is the largest private employer in Arizona.
“The Chandler Medical Plaza is centrally located with easy access to nearby freeways and is a significant part of the expanding medical community in Chandler, AZ,” Eric Webb, founder and principal of Webb Management & Investments, said. “We’re pleased to have worked with CIT on this financing and appreciate their solid reputation, agility and healthcare expertise.”
“We are excited to assist Webb Management & Investments and to expand our financing in the Greater Phoenix area,” William Douglass, managing director and group head for CIT’s healthcare finance business, said.
“We are very proud to support Webb Management & Investments with the subject recapitalization of this high quality, purpose built medical office building anchored by an investment rated health system,” Steven Reedy, a managing director in healthcare finance at CIT, said.
