NEW YORK, Jan. 12, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Real Estate Finance
business provided $42.5 million in
financing for the construction of the new Terra At the Grove
Apartment project in St. Louis,
Missouri.
The four-story structure, to be built by St. Louis-based developer Green
Street, is the first project in St.
Louis to pursue FitWell Certification and is designed as a
mixed-use project that will feature more than 300 residential units
as well as ground-floor retail space and associated parking.
Planned amenities include a large courtyard, outdoor pool, walking
and running paths, business center, club and movie rooms and
more.
"Our project's central location near transportation corridors,
entertainment venues, major employers and educational opportunities
in the downtown St. Louis area
makes it a highly attractive site for residential development,"
said Phil Hulse, CEO and founder of
Green Street. "We found CIT's expertise and agility to be valuable
assets as we worked to arrange this financing."
"We are pleased to again support financing for Green Street as
it continues its development of successful commercial real estate
projects," said Chris Niederpruem,
managing director and group head for CIT's Real Estate Finance
business. "Having worked with Green Street before, we have come to
respect their professionalism and skill in commercial real estate
development and look forward to the successful completion of their
latest project."
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.