CIT’s ability to reach agreement quickly on a structure that fits the Sponsors’ needs was key to winning this transaction. We are pleased to put our knowledge to work for our real estate middle market clients and look forward to growing this relationship.
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 $26 million senior secured credit facility to redevelop the PGA Plaza Shopping Center, a joint venture headed by Menin Development, a privately held owner, developer and manager of commercial real estate in the Southeast U.S. The financing will be used to make site improvements to the PGA Plaza Shopping Center in Palm Beach Gardens, Florida, including renovating the exterior of the property. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“Palm Beach Gardens is a thriving submarket of Palm Beach where we see potential for further opportunities,” said Meggan Walsh, Managing Director and Deputy Group Head, CIT Real Estate Finance. “CIT’s ability to reach agreement quickly on a structure that fits the Sponsors’ needs was key to winning this transaction. We are pleased to put our knowledge to work for our real estate middle market clients and look forward to growing this relationship.”
Craig Menin, founder of Menin Development, said, “We believe PGA Plaza Shopping Center will stand out in this area due to the layout of the center and the upgrades it will receive from this redevelopment. As a neighborhood shopping center, PGA Plaza will boast superior tenancy, enhanced visibility from the street and easy accessibility for patrons. We are grateful to CIT’s Commercial Real Estate team for its depth of knowledge and their ability to complete this transaction in a timely and efficient manner.”
View CIT’s corporate overview video (cit.com/corporatevideo), which showcases our support of the small business, middle market and transportation sectors. Follow us on Twitter, LinkedIn, YouTube and Facebook. Individuals interested in receiving corporate news releases can register at cit.com/newsalerts or subscribe to the RSS feed at cit.com/rss.
About Menin Development
Menin Development, Inc. headquartered in Palm Beach, Florida, is a privately held owner, developer and manager of commercial real estate properties. Menin, the developer and owner of over $1 billion of prime retail properties throughout the Southeast, has a current portfolio of 800,000 square feet of existing, high-quality community and grocery-anchored centers as well as another 2.1 million square feet under development. The company was founded by Craig Menin in 1985.menindevelopment.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 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 December 31, 2013, it had more than $12 billion of deposits and over $16 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 and equipment finance, as well as aerospace, equipment and rail leasing. 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