NEW YORK, Dec. 11, 2017 /PRNewswire/ -- CIT Group Inc.
(NYSE: CIT), a leading provider of commercial lending and leasing
services, and real estate broker Holliday
Fenoglio Fowler, L.P. (HFF), today announced $35 million in financing for Plaza 360, a
115,186-square-foot, creative office building in Oakland, California.
HFF, who worked on behalf of the borrower, Brickman, secured the
five-year, nonrecourse floating-rate loan through CIT. Loan
proceeds were used to acquire the property with a portion of the
undisbursed funds allocated for common area upgrades and tenant
improvements. The property is an eight-story creative office
building with ground level retail space.
Matt Galligan, president of CIT's
Real Estate Finance business, said: "Plaza 360 is located in
Oakland's Uptown District, a prime
spot close to restaurants, shops and several transportation
options. This transaction is the first with Brickman and
demonstrates our effort to provide secure financing that maximizes
value for developers."
"Plaza 360 is perfectly situated to allow Brickman to execute on
its highly successful Bay Area, value-add office repositioning
strategy," said Smyslowski.
About Brickman
Brickman is a New York-based real estate private equity firm
with more than 20 years of experience investing in real estate debt
and equity. The firm has invested over $1.5
billion of equity, primarily through seven comingled private
funds, on behalf of institutional and high net worth investors.
Brickman has managed funds investing in an array of strategies
including opportunistic, value-add, and core-plus through a mix of
both equity and debt products. The company's vertically-integrated
platform, with in-house property management, project management and
leasing teams, has owned, operated, leased and asset-managed over
8.6 million square feet of office property, with a current office
portfolio of 2.3 million square feet in eight markets across
the United States.
About HFF
HFF and its affiliates operate out of 25
offices and are a leading provider of commercial real estate and
capital markets services to the global commercial real estate
industry. HFF, together with its affiliates, offers clients a
fully integrated capital markets platform, including debt
placement, investment advisory, equity placement, funds marketing,
M&A and corporate advisory, loan sales and loan
servicing. HFF, HFF Real Estate Limited, HFF Securities L.P.
and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).
For more information, please visit hfflp.com or follow HFF on
Twitter @HFF.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a
financial holding company with approximately $50 billion in assets as of Sept. 30, 2017. Its principal bank subsidiary,
CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than
$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. It also offers products and services to consumers
through its Internet bank franchise and a network of retail
branches in Southern California,
operating as OneWest Bank, a division of CIT Bank, N.A. For more
information visit cit.com.
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KRISTEN MURPHY
HFF
Director, Public Relations
(617) 338-0990
krmurphy@hfflp.com
OLIVIA WEISS
CIT Media
Relations
(212) 771-9657
olivia.weiss@cit.com
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SOURCE CIT Group Inc.