NEW YORK, April 8, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Real Estate
Finance business served as sole lead arranger on a
$27 million loan to finance
acquisition of a warehouse and distribution center in Green Cove Springs, Florida.
The facility, located about 40 miles south of downtown
Jacksonville, Florida, and close
to the First Coast Expressway, consists of about 782,000 square
feet of warehouse and distribution space, including about 209,000
square feet of refrigerated space. The property was acquired by an
entity managed by PKY Special Situations LLC and will be managed by
Parkway Property Investments.
"Demand remains high for warehouse and distribution space to
serve the Southeast and Florida
markets," said Al De Olazarra,
President of PKY Special Situations LLC. "We were pleased with
CIT's expertise and agility in arranging the financing to complete
the acquisition."
"We worked closely with the buyers to understand their
requirements on this project and provide funding to meet their
objectives," said Chris Niederpruem,
managing director and group head for CIT's Real Estate
Finance business.
CIT's Real Estate Finance division originates and
underwrites senior secured real estate transactions. With deep
market expertise, underwriting experience and industry
relationships, the unit 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.