NEW YORK CITY — CIT Group Inc. (NYSE: CIT) has served as the lead arranger of $93.7 million in combined financing for 19 healthcare facilities in California, Nevada and Washington between New Generation Health LLC and affiliates of Genesis Healthcare Inc.
New Gen, a healthcare consulting firm specializing in the operation of skilled nursing facilities in the Western portion of the United States, will provide management and/or consulting services for the 19 healthcare facilities. Affiliates of Genesis will continue to provide certain administrative, back-office and therapy services to the facilities.
As part of the transaction, New York-based CIT financed New Gen’s acquisition of seven facilities through a $74.7 million senior secured credit facility. Genesis retained an indirect 50 percent interest in the facilities.
CIT also arranged a $19 million asset-based revolving credit facility to provide New Gen with working capital financing for an additional 12 healthcare facilities located in California, Washington and Nevada. CIT will provide capital market services and a variety of deposit account and cash management services.