CIT Serves as Sole Lead Arranger on $39 Million Financing for Philadelphia Medical Office Building

NEW YORK, March 22, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on a $39 million loan to finance the Jefferson Health medical office building adjoining the Philadelphia Navy Yard Corporate Center.

(PRNewsfoto/CIT Group Inc.)

The borrower, Norvin Healthcare Properties, is an experienced and successful manager of healthcare properties across a variety of markets. It acquired the four-story medical office building at 3 Crescent Drive in December 2019. The facility is located close to well-traveled locations such as the South Philadelphia Sports Complex, downtown Philadelphia, Interstate 95 and the neighboring Navy Yard.

"Jefferson Health is an outstanding, modern medical office building in an attractive location with available parking and a strong tenant," said Norm Livingston, president of Norvin Healthcare Properties. "We selected CIT because of their solid reputation, agility, healthcare expertise and proven history of successfully arranging financing for medical office properties."

"Norvin Healthcare is respected as a very experienced and skilled investor in healthcare real estate," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "We worked closely with Norvin to understand their objectives and develop a custom financing solution that met their needs."

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 growth 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.

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