CIT Healthcare (NYSE: CIT) served as the lead in a $44 million senior secured credit facility to enable a joint venture between Bickford Senior Living and Harrison Street Real Estate Capital to acquire a portfolio of six assisted living and dementia care properties.
“This transaction underscores CIT’s expertise in and commitment to the long-term care sector, as well as our ability to structure creative solutions for companies seeking healthcare financing,” said Kathryn Burton Gray, Managing Director of CIT Healthcare, Long-Term Care and Real Estate. “We’ve developed a strong relationship with Bickford and we’re pleased to arrange this latest financing for them.”
The portfolio is comprised of 342 units located in Illinois, Iowa, Nebraska, and Missouri. The financing was provided by CIT Bank, a wholly-owned subsidiary of CIT, and Bank of Oklahoma.
“CIT Healthcare’s involvement was critical to the success of this deal. We continue to be pleased with their ability to close complicated transactions and look forward to further building our relationship,” said Michael Eby, President of Bickford Senior Living.
Michael Gordon, Senior Vice President of Harrison Street Real Estate Capital LLC, added, “One of the fortunate outcomes of our newly-formed joint venture with Bickford Senior Living was the introduction to CIT Healthcare. We were impressed by their emphasis on relationships and ability to creatively structure this multi-state portfolio acquisition.”
Terms of the transaction were not disclosed.