NEW YORK, June 17, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Real Estate
Finance business provided $42.8
million in financing for the acquisition of a recently built
apartment complex in Tampa,
Florida.
The 264-unit multifamily complex known as the Lola Apartments
was completed in 2018. Amenities include elevators, a 24-hour
fitness facility, clubhouse, game room and resort-style pool. The
buyer is an affiliate of Asia Capital Real Estate (ACRE), an
experienced owner-operator of multifamily residential
properties.
"The Greater Tampa market is
experiencing strong demand for rental housing and Lola Apartments
is well-positioned to meet that demand," said ACRE Founding Partner
Michael Van Der Poel. "We appreciated CIT's expertise and agility
in arranging financing for this acquisition."
"We have worked with Asia Capital Real Estate before and are
pleased to support their acquisition of this Class-A property with
the right financing," said Chris
Niederpruem, managing director and group head for CIT's Real
Estate Finance business.
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.