CIT Group's Healthcare Finance business served as sole lead arranger on a $17.4 million loan to finance the acquisition of a portfolio of three medical office buildings in Bakersfield, California.
 
The medical office building portfolio includes more than 65,000 square feet, is fully leased and is located on the campus of Bakersfield Heart Hospital. A majority of the building tenants are practice groups affiliated with the hospital.

"We are pleased to add to our growing portfolio these high-quality medical office buildings, which are strategically located on-campus and under long-term leases to physician groups that are affiliated with the hospital," said Dr. Eli Karlin, M.D., Chief Investment Officer, Flagler Healthcare Investments. "We appreciate the agility and medical office lending expertise of the CIT team to facilitate this acquisition financing."

"It was a pleasure to provide the financing to support our client's acquisition of this portfolio of outstanding medical office buildings," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "These facilities provide critical medical care to Bakersfield and the surrounding community."