NEW YORK, Aug. 12, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Real Estate
Finance business provided $28.2
million in financing for construction of the Via Del Lago
apartments in the Moreno Valley
region of Greater Los Angeles.
Via Del Lago is planned as a
135-unit multifamily apartment complex in the attractive Rancho
Belago real estate submarket. Amenities in the complex will include
a swimming pool, jacuzzi, fitness center, playground, dog park,
clubhouse and coffee bar. The developer, Spruce Grove Inc., expects
construction will begin in August and be fully completed in about
two years.
"Via Del Lago will provide quality housing with top-notch
amenities at a reasonable price in a market where demand for
apartments is strong and growing," said Jeff Carter, President of Spruce Grove. "We
appreciated CIT's agility in arranging the financing we sought to
move this project forward."
"The Spruce Grove leadership team is well-known for their
expertise in developing and managing high-quality commercial real
estate," said Chris Niederpruem,
managing director and group head of CIT's Real Estate
Finance business. "We were pleased to arrange the financing
for this significant new development."
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.