This is the second deal with CIT’s Corporate Real Estate team this year
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that it provided a $42 million senior secured loan to Garrison Investment Group, a leading middle market credit, asset based and real estate investor located in New York City. The facility will be used to purchase seven community shopping centers in Ohio. This is the second transaction that CIT has completed with Garrison this year – the first was for $35.7 million for 12 community and neighborhood shopping centers, also based in the Midwest.
CIT Real Estate Finance served as Lead Arranger for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“Our value is that we listen to and understand our clients’ needs and we are able to structure creative financing solutions for our borrowers,” said Steve Reedy, Managing Director of CIT Real Estate Finance. “This recent acquisition, coupled with a similar purchase by Garrison earlier this year, further expands and diversifies their portfolio and positions the firm well for further success.”
“This is the second deal with CIT’s Corporate Real Estate team this year,” said Nathan Bagnaschi, Vice President of Garrison Investment Group. “Their deep industry expertise and ability to provide solid, timely financing solutions is the reason we enjoy doing repeat business with CIT.”
Follow us on Twitter: @citgroup, on LinkedIn: LinkedIn.com/company/cit, on YouTube: YouTube.com/citgroupvideo, and on Facebook: facebook.com/citgroup. Individuals interested in receiving corporate news releases can register at cit.com/newsalerts or subscribe to the RSS feed at cit.com/rss.
About Garrison Investment Group
Garrison Investment Group LP and its affiliates (“Garrison”) is an alternative investment and asset management firm founded in March 2007 and headquartered in New York. Garrison has approximately $3.5 billion of committed and invested capital under management, a team of 62 employees, including 38 investment professionals with investments across corporate finance, real estate and structured finance. Garrison Investment Group: garrisoninv.com and Garrison Retail: garrisonretail.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) 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. As of June 30, 2013, it had $11.1 billion of deposits and $13.9 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE:CIT) is a bank holding company with more than $35 billion in financing and leasing assets. 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 vendor finance. CIT 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