CIT’s health finance business acted as the sole lead arranger for a $ 17.4 million loan to finance the acquisition of a portfolio of three medical office buildings in Bakersfield, CA.
The portfolio of medical office buildings covers more than 65,000 square feet, is fully let and is located on the Bakersfield Heart Hospital campus. Most of the building tenants are practice groups associated with the hospital.
“We are pleased to expand our growing portfolio to include these high-quality medical office buildings, which are strategically located on campus and which are long-term rented to groups of doctors associated with the hospital,” said Dr. Eli Karlin, chief investment officer for Flagler Healthcare Investments, said. “We appreciate the flexibility of the CIT team in terms of agility and lending in medical offices to facilitate this acquisition funding.”
“It was a pleasure to provide funding to support our customers’ acquisition of our portfolio of outstanding medical office buildings,” said William Douglass, general manager and group leader, CIT’s health finance business. “These facilities provide critical medical care for Bakersfield and the surrounding community.”