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CIT Provides $80.7MM to IRA Capital for Surgical Center Acquisitions

February 17, 2022, 07:00 AM
Filed Under: Healthcare
Related: CIT, First Citizens

CIT, a division of First Citizens Bank, announced its Healthcare Finance business served as sole lead arranger on two financings totaling $80.7 million for the acquisition of surgical centers in Naples, FL, and Alexandria, LA.

In Naples, FL, CIT provided $49.2 million toward the acquisition of a three-story surgical hospital and specialty care facility acquired by subsidiaries of IRA Capital. The Naples property is 86,287 RSF and leased to Naples Community Hospital and Physicians Regional Medical Center.

In Alexandria, LA, subsidiaries of IRA Capital obtained a $31.5 million loan that funded a portion of the 83,631 RSF CHRISTUS Central Louisiana Surgical Hospital acquisition.

"We are excited to add these two best-in-class surgical facilities backed by top-tier health systems to our growing healthcare real estate portfolio," said Amer Kasm, Principal and Co-Founder of IRA Capital. "CIT is a highly valued financing partner and known for its expertise in specialized clinical healthcare real estate finance. We appreciate their agility and efficient execution in arranging these loans."

"IRA Capital has a strong reputation for successfully managing a portfolio of medical facilities in a variety of regions," said William Douglass, Managing Director and Group Head for CIT's Healthcare Finance business. "We have worked well with IRA Capital in the past and we are pleased to support them once again on these transactions."

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.

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