NEW YORK, Feb. 18, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Real Estate
Finance business provided $42.4
million in financing for the construction of the new
apartment complex in Nashville,
Tennessee, to be known as NOVEL Harpeth Heights by Crescent
Communities.
The new four-story, 322-unit multifamily development will be
built in Nashville's desirable
Bellevue neighborhood by Crescent
Communities and its development partner, Pearl Street Partners.
The project, which will include a pool, clubhouse and other
amenities, will feature studios and one-, two- and three-bedroom
apartment homes. It is scheduled for completion in about two years
and is conveniently located just 15 minutes from the Nashville metro area.
"The growing market for housing in Greater Nashville makes it an attractive
location for multifamily development," said Ben Collins, Senior Managing Director, West
Region for Crescent Communities. "We appreciated CIT's expertise
and agility as we worked to arrange this financing."
"Crescent Communities is an experienced developer and operator
of multifamily projects and is especially familiar with the
opportunities in the Greater
Nashville market," said Chris
Niederpruem, managing director and group head for CIT's Real
Estate Finance business. "We were pleased to arrange financing
to help move this project forward."
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.