CIT Arranges $34 Million in Financing for Senior Housing Community in Arizona

NEW YORK, Dec. 16, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger of $34 million to refinance the Enclaves at Chandler, a senior housing community located in Chandler, Arizona.

The financing was provided to Spectrum Retirement Communities LLC, a leading developer, owner and operator of senior housing communities headquartered in Denver, Colorado. Completed in 2018, the 162-unit Enclaves at Chandler consists of 89 independent living residences, 49 assisted-living units and 24 memory care units.

"The Enclaves at Chandler is a premier, modern senior housing community in an attractive location serving the Arizona market," said Grant Kraus, senior vice president, Capital Markets & Financial Planning for Spectrum Retirement Communities. "We appreciated CIT's industry expertise and agility in arranging this new financing for the property."

"Demand is strong for senior housing facilities like the Enclaves at Chandler that serve a range of needs," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "Spectrum Retirement Communities is known throughout the industry as an experienced and successful owner/operator and we were pleased to support their efforts with this financing package."

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.

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.