This deal further demonstrates CIT’s ability to apply our industry expertise and capital to successfully support the growth objectives of our clients
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced that CIT Real Estate Finance arranged a $26 million senior secured term loan for Metropolitan Properties of America (MPA), a full-service real estate investment firm based in Boston. The financing will be used to recapitalize and renovate two multi-family high rise apartment buildings in The River Oaks district of Houston, Texas. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“We are pleased to provide this financing to Metropolitan Properties of America that will further assist them in the renovation of their River Oaks properties,” says Matt Galligan, Group Head of CIT Real Estate Finance.
Steve Reedy, Managing Director of CIT Real Estate Finance, adds, “This deal further demonstrates CIT’s ability to apply our industry expertise and capital to successfully support the growth objectives of our clients.”
Jeffrey Cohen, Chief Executive Officer of MPA, says, “This financing allows us to continue improving our River Oaks properties. CIT’s deep expertise and their relationship-oriented approach to the transaction gave us the support we needed to complete this financing. We look forward to continuing to build our relationship with CIT as we execute on future investment properties.”
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About Metropolitan Properties of America
Metropolitan Properties of America (MPA) is a full-service real estate investment firm with a proven track record of innovative solutions that deliver attractive risk-adjusted returns. MPA combines decades of experience in key markets, seamless integration through all phases of value generation, and a disciplined investment approach focused on results. MPA delivers attractive returns by developing innovative solutions to complex real estate challenges. Founded in 1980, MPA is based in Boston, Massachusetts, and operates in key growth-oriented real estate markets across the country. metprop.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE: CIT). It provides lending and leasing to the small business, middle market and rail sectors. Through its online bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of December 31, 2012, it had $9.6 billion of deposits and $12.2 billion of assets. CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status. cit.com/citbank
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its online bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com