CIT Group’s Healthcare Finance business served as sole lead arranger on a $27.2 million loan to support the refinancing of two Texas-based assisted living facilities.
A joint venture between Harrison Street and Franklin Development Partners, the company is using the loan proceeds to refinance existing debt and cover closing costs on the assisted living facilities — one located near San Antonio and the other near Austin.
“CIT’s expertise in the healthcare industry made them a natural choice as we sought financing for these assisted living facilities,” said Kevin Wilbur of Franklin Companies. “We appreciated CIT’s responsiveness and agility in helping bring this financing to a successful closing.”
“We were pleased to support Harrison Street and Franklin Development with financing as they continue to build their portfolio of healthcare properties,” said William Douglas, managing director and group head for CIT’s Healthcare Finance business.