NEW YORK, March 31, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Real Estate
Finance business provided financing for construction of a new
730,000-square-foot logistics center and campus in North Las Vegas, Nevada.
Construction on the SunPoint West facility is expected to begin
in April and conclude in approximately 12 months. The campus is
located near Interstate 15 in North Las
Vegas, well-known as an attractive area for shipping and
logistics centers.
"The Greater Las Vegas region
continues to emerge as a crossroads for goods shipping to such
markets as Los Angeles,
Salt Lake City and of course
Las Vegas itself," said
Mike Orr, Senior Vice President with
SunCap Property Group. "We anticipate there will be continued
demand for logistics centers like SunPoint West to support that
growth."
"SunCap Property Group is an experienced developer with a deep
understanding of the commercial real estate market in the
Greater Las Vegas region," said
Chris Niederpruem, managing director
and group head for CIT's Real Estate Finance business. "We
were pleased to support them with the financing for this project
and look forward to its successful completion and operation."
Real Estate Finance, part of CIT's 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.