NEW YORK, Nov. 30, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Real Estate
Finance business provided a $38
million senior secured loan toward the acquisition of an
apartment complex in Winter Park,
Florida.
"Lakeside at Winter Park is a
great fit for our portfolio," said Chris
Niederpruem, CIT's Real Estate Finance business.
The property, owned by Phoenix Realty Group ("PRG") and its
investors and affiliated entities, is known as Lakeside at
Winter Park and consists of 288
units of garden style apartments on more than 26 acres with
amenities including a pool, fitness center, clubhouse and tennis,
basketball and volleyball courts. The financing was used for the
acquisition and to continue ongoing renovations and improvements at
the complex.
"Lakeside at Winter Park is in
an attractive location within the Greater
Orlando market, a geography PRG has been investing in and
targeting for many years," said Ron
Orgel, Managing Director and Head of East Coast Acquisitions
at PRG. "Given PRG's value-added experience and knowledge of the
Orlando market, we look forward to
continuing to develop and maintain the facilities at the property,
including improving the units and amenity offerings for the
residents. We appreciate CIT's agility and expertise in arranging
this financing."
"We regularly invest in residential properties in major
metropolitan areas and Lakeside at Winter
Park is a great fit for our portfolio," said Chris Niederpruem, managing director and group
head for CIT's Real Estate Finance business.
CIT's Real Estate Finance business, part of
the Commercial Finance division, originates and
underwrites senior secured real estate transactions. With deep
market expertise, underwriting experience and industry
relationships, the group provides financing for single properties,
property portfolios and loan portfolios.
About CIT
CIT is a leading national bank focused on
empowering businesses and personal savers with the financial
agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a
financial holding company with over a century of experience and
operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC,
Equal Housing Lender). The company's commercial banking segment
includes commercial financing, community association banking,
middle market banking, equipment and vendor financing, factoring,
railcar financing, treasury and payments services, and capital
markets and asset management. CIT's consumer banking segment
includes a national direct bank and regional branch network.
Discover more at cit.com/about.
MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.