CIT Provides $33 Million in Financing to Exeter Property GroupRepresents Second Transaction with CIT Real Estate Finance in Less Than a YearWednesday, December 18, 2013 08:30 AM
These are desirable office properties that are well-located within the attractive northwest suburban Philadelphia market
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 CIT Real Estate Finance provided a $33 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 was utilized to finance a portfolio of seven office buildings in the suburbs of Philadelphia, PA. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
This is CIT’s second transaction with Exeter Property Group this year. In March, CIT Real Estate Finance arranged a $62 million senior secured credit facility for Exeter to acquire eight light industrial, distribution and R&D buildings in Mt. Olive, NJ and to finance five office buildings in Laurel, MD.
“These are desirable office properties that are well-located within the attractive northwest suburban Philadelphia market,” said Steve Reedy, Managing Director, CIT Real Estate Finance. “We are pleased to expand our relationship with Exeter as the firm continues to grow its portfolio.”
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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 Corporate Finance
CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors, 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
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