Restaurants are benefiting as the economy continues to slowly improve and consumers begin to spend more on eating out
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 senior secured term loan to Cole Real Estate Investments, Inc. (Cole), a real estate investment trust (REIT) that owns and manages a diversified portfolio of real estate, including restaurant, retail, office and industrial properties, throughout the U.S. The $15.5 million financing supported the purchase of 21 properties with Wendy’s restaurants in three domestic markets — Las Vegas, San Antonio and Indianapolis.
CIT Corporate Finance, Retail and Restaurants served as Sole Lender and 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.
“Restaurants are benefiting as the economy continues to slowly improve and consumers begin to spend more on eating out,” said Bob Bielinski, Managing Director, CIT Corporate Finance, Retail and Restaurants. “This transaction provides us the opportunity to finance stabilized commercial real estate assets and establish a lending relationship with Cole Real Estate Investments, one of the most active net lease REITs in the market.”
Matt Donnelly, Senior Vice President and Head of Real Estate Finance at Cole, said, “The recent purchase of these properties with Wendy’s restaurants further expands our portfolio of high quality real estate assets. CIT’s deep industry knowledge and flexible financing structures played a key role in this transaction. We continue to look for properties with credit tenants and experienced operators which meet our acquisition criteria.”
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About Cole Real Estate Investments, Inc.
Cole Real Estate Investments, Inc. (NYSE:COLE) is an industry-leading net lease REIT that acquires and manages real estate assets leased long-term to a high-quality, diversified tenant base. Since 1979, Cole has leveraged its deep relationships, efficiencies of scale and rigorous operational processes to acquire and actively manage retail, office and industrial properties. As of June 30, 2013, Cole Real Estate Investments had total assets of $7.9 billion, which included 1,014 properties representing approximately 44 million square feet of commercial real estate in 48 states. Cole’s private capital management business, Cole CapitalTM, is a leading sponsor of non-listed REITs. According to industry reports from Robert A. Stanger & Co., Cole is the only non-listed REIT sponsor to rank in the top three for annual capital raised each of the past five years. For more information, ColeREIT.com.
CIT Corporate Finance provides lending, leasing and other financial and advisory services to the middle market sector with a focus on specific industries, including: Business Services, Commercial Real Estate, Communications, Energy, Entertainment, Gaming, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, and Sports & Media. cit.com/corporatefinance
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 transportation sectors. Through its Internet bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. As of September 30, 2013, it had approximately $12 billion of deposits and nearly $15 billion of assets.cit.com/CITBank
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail finance, aerospace, equipmentand rail leasing, and vendor finance. CIT operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its Internet bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com