CIT Leads $34MM Financing for Assisted Living Facility
SEP 11, 2019 - 6:20 am
CIT Group’s Healthcare Finance unit served as sole lead arranger on a $34 million financing for an assisted living facility in Richmond, TX.
The loan will be used primarily to refinance construction debt on the Delaney at Parkway Lakes, a 207-unit senior housing community. The borrower is a joint venture between Blue Moon Capital Partners and LCS, one of the nation’s largest operators of senior living communities.
“CIT’s expertise in the healthcare sector and efficient underwriting process helped us reach agreement and arrange for a smooth closing on the financing for this project,” said Chris Kronenberger of Blue Moon Capital Partners.
“We worked closely with our customers throughout this process to understand their priorities and deliver a comprehensive financing package that met their objectives,” said William Douglass, managing director and group head for Healthcare Finance at CIT.
CIT’s Healthcare Finance unit, part of its Commercial Finance division, provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S.
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