Charlie Stoltz, CommuniCare chief financial officer, said: “We greatly appreciated CIT's expertise and assistance in bringing this financing to a successful closing."

William Douglass, managing director and group head of CIT's healthcare finance business, said: “We worked closely with CommuniCare throughout the financing process to better understand their needs and priorities, which enabled us to develop a creative financing solution that fully supported their goals for this transaction.”

Founded in 1908, CIT has $50 billion in assets and its principal bank subsidiary, CIT Bank, has $30 billion of deposits and more than $40 billion of assets.

CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries.