CIT Group's 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.
 
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.