NEW YORK, Dec. 16, 2021 /PRNewswire/ -- CIT
Group Inc. (NYSE: CIT) today announced that its Healthcare
Finance business served as sole lead arranger of $34 million to refinance the Enclaves at
Chandler, a senior housing
community located in Chandler,
Arizona.
The financing was provided to Spectrum Retirement Communities
LLC, a leading developer, owner and operator of senior housing
communities headquartered in Denver,
Colorado. Completed in 2018, the 162-unit Enclaves at
Chandler consists of 89
independent living residences, 49 assisted-living units and 24
memory care units.
"The Enclaves at Chandler is a
premier, modern senior housing community in an attractive location
serving the Arizona market," said
Grant Kraus, senior vice president,
Capital Markets & Financial Planning for Spectrum Retirement
Communities. "We appreciated CIT's industry expertise and agility
in arranging this new financing for the property."
"Demand is strong for senior housing facilities like the
Enclaves at Chandler that serve a
range of needs," said William
Douglass, managing director and group head for CIT's
Healthcare Finance business. "Spectrum Retirement Communities
is known throughout the industry as an experienced and successful
owner/operator and we were pleased to support their efforts with
this financing package."
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. By
using a client-focused and industry-centric model, Healthcare
Finance can tailor its products and services to help clients meet
their needs for capital.
About CIT
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.
MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.
