The healthcare finance business of CIT, a division of First Citizens Bank, served as lead arranger of $58.9 million in financing for the acquisition of a portfolio of six micro-hospitals.
The buyer is a joint venture directed by an affiliate of Rethink Healthcare Real Estate, formerly Seavest Healthcare Properties. Each property within the portfolio is branded Baylor Scott & White Emergency Hospital. The assets encompass a total of 189,385 of rentable square feet, which is fully leased and located in the Dallas/Fort Worth, TX metroplex.
“Micro-hospitals are an important innovation in the delivery of healthcare, and we are pleased to acquire this portfolio of quality facilities in an attractive, growing market,” John Winer, president and chief investment officer of Rethink, said. “We appreciate CIT’s agility and industry knowledge that resulted in a seamless execution of this very important financing.”
“Rethink changed its name recently to better communicate its mission of improving the delivery of healthcare in communities across the U.S. The firm is widely known for its expertise in medical office real estate investing and we appreciate the opportunity to collaborate with them on this financing,” William Douglass, managing director and group head for CIT Healthcare Finance, said.
“We are pleased to continue to support and expand our growing relationship with Rethink through the arrangement of this financing to acquire the high-quality portfolio of micro-hospitals,” Steven Reedy, managing director at CIT Healthcare Finance, said.