NEW YORK, May 13, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Real Estate
Finance business provided $35.7
million in financing for the construction of a new 17-story
multifamily development in the Clinton Hill section of Brooklyn.
The building, which will house 138 mixed-income rental units, is
located at 230 Classon Avenue, on the corner of Willoughby Avenue
in Clinton Hill. The one- and two-bedroom units will all have
balconies and 30% of the units will be offered as affordable income
rentals.
"We are confident in New York
City's resiliency and persistent need for new housing," said
Tyler Wilkins, Partner of Quinlan
Development Group. "We appreciated CIT's deep knowledge of the
New York real estate market and
its expertise in arranging this financing."
"High-quality multifamily projects in major metropolitan areas
are a good fit for our portfolio," said Chris Niederpruem, managing director and group
head for CIT's Real Estate Finance business. "We were
impressed with Quinlan Development Group's plan for the property
and pleased to arrange the financing to help move it 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.