CIT Arranges $67.5MM in Financing for Acquisition of Surgical Hospital

CIT’s healthcare finance business served as lead arranger for $67.5 million in financing for the acquisition and future expansion of the Northwest Specialty Hospital in the Greater Spokane, WA, market region.

The property consists of a multi-specialty surgical hospital with 32 beds, eight operating rooms, two procedure rooms, two anesthesia recovery units, an endoscopy center and a connected 36,000-square-foot medical office building located in Post Falls, ID, part of the Greater Spokane market.

The buyer is Hammes Partners, an investment management firm that invests on behalf of institutional investors with an exclusive focus on the U.S. healthcare real estate market.

“Northwest Specialty Hospital and its medical office building are top-notch properties that support quality medical care in a fast-growing region where demand is strong,” Todd Kibler, managing principal of Hammes Partners, said. “Through the years, we have developed a very solid banking relationship with CIT. We appreciate their healthcare industry knowledge, market awareness, agility and commitment to timely and consistent execution.”

“Hammes Partners is well-regarded throughout the industry for their investments in high-quality medical properties,” William Douglass, managing director and group head for CIT Healthcare Finance, said

“We are pleased to continue to support Hammes Partners and expand upon our significant and growing relationship through the arrangement of this very important financing,” Steve Reedy, a managing director of CIT Healthcare Finance, said.

Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
[email protected]
Susie Angelucci
Advertising: 484.459.3016
[email protected]

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.