CIT Group announced that its Healthcare Finance business served as sole lead arranger for a $27.2 million loan for two assisted living facilities in Texas.

The borrower, a joint venture between Harrison Street and Franklin Development Partners, is using the loan proceeds to refinance existing debt and cover closing costs on the assisted living facilities -- one located near San Antonio, Texas, and the other near Austin, Texas. Taken together, the facilities comprise 154 units.

“CIT’s expertise in the healthcare industry made them a natural choice as we sought financing for these assisted living facilities,” said Kevin Wilbur, of Franklin Companies. “We appreciated CIT’s responsiveness and agility in helping bring this financing to a successful closing.”

“We were pleased to support Harrison Street and Franklin Development with financing as they continue to build their portfolio of healthcare properties,” said William Douglas, managing director and group head for CIT’s Healthcare Finance business.

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, the Healthcare Finance team can tailor its products and services to help clients meet their needs for growth capital.