Follows CIT’s investment in a 92-unit affordable housing complex in the redevelopment of the Watts community
Submitted by CIT
CIT Group Inc. (NYSE: CIT) and its Healthcare Finance unit today announced a $25 million loan supporting Seavest Healthcare Properties’ acquisition of the MLK Community Hospital Medical Office Building in South Los Angeles. The private, nonprofit hospital provides essential healthcare services for residents of the Watts, Compton and Willowbrook neighborhoods of Los Angeles.
“We’re pleased to leverage our expertise to create a financing solution that meets Seavest’s investment objectives,” said William Douglass, managing director and group head for CIT’s Healthcare Finance. “This effort advances the hospital’s mission while helping to drive transformative change and further revitalize the Watts area.”
MLK Community Hospital is part of a public-private partnership with Los Angeles County and was established in 2015 to meet the needs of the South Los Angeles community including the uninsured and underinsured. Efforts to create additional offerings are in development including outpatient testing, physical therapy, durable medical equipment, chronic care treatment facilities, and other health related services.
“We’re pleased to work with CIT on this transaction, and to expand our portfolio in Los Angeles,” said John Winer, senior managing director and chief investment officer for Seavest Healthcare Properties. “This acquisition provides the opportunity to invest in a newly developed, on campus outpatient facility in South Los Angeles and to assist in delivering critical healthcare services to the areas one million residents.”
CIT's Healthcare Finance unit, part of the Commercial Finance division, provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. The financing follows CIT’s recent $47 million investment in the Jordan Downs Apartment Project to develop a 92-unit multifamily apartment complex in the Watts neighborhood.
“Our community needs our support now more than ever,” said Steve Solk, president of Consumer Banking at CIT. “We’re pleased to play a key role in this transaction and continue our investment in the Watts neighborhood and surrounding area’s during this challenging time.”
CIT anticipates making further investments in the Watts community later this year, including a new branch in the area.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
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CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.
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