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SAN ANTONIO and AUSTIN, Texas — CIT Group Inc. (NYSE: CIT), through its Healthcare Finance group, has served as sole lead arranger on 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.
Although the names of the communities were not disclosed, they are located near San Antonio and Austin, totaling 154 units combined.