CIT Group announced that CIT Corporate Finance, Healthcare provided a $29.5 million senior secured credit facility to Real Properties Health Facilities that will be used to consolidate existing real estate debt and for working capital purposes. Financing was provided by CIT Bank.

“This financing was extremely important to us as we consolidate our ownership and position ourselves for our future,” said Patricia Green, President and CEO, Real Properties Health Facilities Corp. “CIT’s expertise and experience in middle market healthcare financing was essential to us when choosing a lender.”

Michael Coiley, managing director, CIT Corporate Finance, Healthcare, said, “We were able to leverage our sector knowledge to help RPHF simplify their capital structure. Their highly experienced senior management team has executed on several key strategic initiatives that have positioned the company well for the future. We’re pleased we could provide this financing and look forward to expanding our relationship in the future.”

Grant Goodman, VP at Lancaster Pollard, noted, “RPHF needed a lending partner that could streamline and consolidate their capital stack in a cost effective way. We worked closely with their management team to identify a sector expert with the ability to execute a tailored financing efficiently. CIT quickly distinguished themselves with deep industry knowledge and scalable investment capacity. They successfully structured a comprehensive debt solution that meets the needs of RPHF and better positions the company for the future.”

Las Vegas-headquartered Real Properties Health Facilities is a skilled nursing facility and assisted living facility provider with 12 facilities.

Lancaster Pollard helps healthcare, senior living and housing providers expand and improve their services by delivering financial advice and financing solutions.