This transaction highlights our continued efforts to meet the financing needs of our middle market real estate clients in a way that positions them for success
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 arranged a $62 million senior secured credit facility to Exeter Property Group, a real estate private equity firm that acquires, develops, and manages commercial properties across the U.S. The facility will be used to purchase eight light industrial, distribution and R&D buildings in Mt. Olive, New Jersey and to refinance five office buildings in Laurel, Maryland.
CIT Real Estate Finance served as Joint 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.
“This transaction highlights our continued efforts to meet the financing needs of our middle market real estate clients in a way that positions them for success,” said Steve Reedy, Managing Director, CIT Real Estate Finance. “These properties are in prime submarket locations and add to Exeter’s growing portfolio of properties.”
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About Exeter Property Group
Exeter Property Group is a real estate private equity firm that acquires, develops, and manages commercial properties across the United States. The firm is comprised of a multi-disciplined team of professionals who over the last 20 years have invested in and managed over $7 billion in properties through multiple market cycles. Exeter is a committed partner investing on behalf of institutional clients including U.S., European, and Asian pension funds, endowments, fund of funds and insurance companies. exeterpg.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