Historic Hospital’s Nursing Home Will
Remain Open and Medical Services Will Continue Under New Ownership
CIT Group Inc. (NYSE: CIT), a leading
global commercial finance company, announced today that it served as the
Exclusive Real Estate Advisor to both Victory Memorial Hospital and its
Official Committee of Unsecured Creditors in the sale of the hospital’s
main campus in Brooklyn, NY to Sunset LG Realty LLC for $44.9 million.
The sale, approved last week by the United States Bankruptcy Court,
includes the hospital’s main campus site and
two operating businesses – Victory’s
150 bed skilled nursing facility and its 400 patient home health care
business. New ownership is arranging for the continued operation of both
of these programs, the hospital’s clinics and
other medical services under new management.
The transaction, when completed, will be one of the first successful
sales and restructurings of medical services at a hospital slated for
closure by the Berger
Commission, a non-partisan panel created by former New York Governor
Pataki and the New York State Legislature to review the regional and
local supply of hospital and nursing home beds throughout the State.
“This deal is a great example of how
financially stressed institutions can effectively monetize real estate
assets and restructure services so that business continues and community
needs are served,” said Natalie
Wilensky, Managing Director of CIT
Investment Banking Services, Real Estate.
“We are delighted with the outstanding
results the CIT team achieved in leading our sales process,”
said Dr. Vincent Calamia, CEO of Victory Memorial Hospital. “Their
depth of knowledge and strong relationships within both the real estate
and healthcare industries and their skill in navigating a particularly
complex and politically charged environment enabled us to find a buyer
for Victory Memorial that will ensure continued medical services to the
community.”
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About CIT
CIT (NYSE: CIT) is a global commercial finance company that provides
financial products and advisory services to more than one million
customers in over 50 countries across 30 industries. A leader in middle
market financing, CIT has more than $80 billion in managed assets and
provides financial solutions for more than half of the Fortune 1000. A
member of the S&P 500 and Fortune 500, it maintains leading positions in
asset-based, cash flow and Small Business Administration lending,
equipment leasing, vendor financing and factoring. The CIT brand
platform, Capital Redefined, articulates its value proposition of
providing its customers with the relationship, intellectual and
financial capital to yield infinite possibilities. Founded in 1908, CIT
is celebrating its Centennial throughout 2008. www.cit.com
CIT Media Relations
C.
Curtis Ritter, 212-461-7711
Director of External Communications &
Media Relations
Curt.Ritter@cit.com
or
Amy
Jonas, 212-461-5664
Director, Brand Marketing and Communications
Amy.Jonas@cit.com
or
CIT
Investor Relations
Ken Brause, 212-771-9650
Executive Vice
President
Ken.Brause@cit.com
