CIT Group’s healthcare finance business served as the sole lead arranger on a $39 million loan for the acquisition of the North Hills Health Center in Menominee Falls, WI, by private equity firm IRA Capital.
IRA Capital acquired the medical campus, consisting of two class-A medical office buildings comprising nearly 119,000 square feet. The outpatient facility is 100% leased and occupied by Froedtert Health, a five-hospital system and a teaching affiliate of the Medical College of Wisconsin.
Froedtert provides a range of outpatient services at North Hills, including an MRI/imaging center, a fertility clinic, a sleep center, a women’s health center, a pulmonary rehab facility, an occupational medicine clinic and a walk-in urgent care center. North Hills is located between two of Froedtert’s largest hospitals.
“We are pleased to have acquired North Hills Health Center, which support high quality medical offices in an attractive location,” Amer Kasm, principal and co-founder of IRA Capital, said. “We appreciated CIT’s agility and expertise as we worked to arrange the financing for this transaction.”
“We were pleased to arrange financing for IRA Capital’s acquisition of these valuable facilities that support medical needs across the region,” William Douglass, managing director and group head for CIT’s healthcare finance business, said.
