CIT’s healthcare finance business served as sole lead arranger on a loan of about $43 million to finance the acquisition of a portfolio of medical office buildings in Florida and Arizona.
The portfolio, acquired by Cypress West Partners, consists of 14 medical office buildings encompassing nearly 150,000 square feet of rentable space. Ten of the facilities are located in Arizona and four are in Florida.
“This portfolio consists of modern, well-designed and efficient facilities in attractive locations to support the medical needs of their respective communities,” Christopher J. Cumella, CEO of Cypress West Partners, said. “We are pleased to add these assets to our growing portfolio and appreciate CIT’s agility in financing this latest acquisition for us.”
“We highly value our relationship with Cypress West, which is known throughout the industry as a deeply experienced investor with an outstanding portfolio of medical office properties,” William Douglass, managing director and group head for CIT’s healthcare finance business, said. “We have now financed several of their medical properties and are pleased to provide the financing in support of this transaction as well.”