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CIT Provides $36 Million Financing to Kushner Companies for Brooklyn Law School Portfolio
Wednesday, April 30, 2014 08:30 AM
This is our third transaction with Kushner Companies since 2012 and our first involving properties in Brooklyn Heights, one of the most desirable neighborhoods in New York City

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 $36 million senior secured loan to Kushner Companies, a diversified real estate company headquartered in New York City. The facility, which includes an $8 million renovation reserve, will be used to acquire and renovate a portfolio of single family townhomes and multifamily rental properties from the Brooklyn Law School. The combined properties total approximately 56,000 square feet and are located in Brooklyn Heights, New York. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“This is our third transaction with Kushner Companies since 2012 and our first involving properties in Brooklyn Heights, one of the most desirable neighborhoods in New York City,” said Matt Galligan, President of CIT Real Estate Finance. “With an abundance of retail shops and dining options, these properties are in high demand as there are few new developments in the area. We’re pleased to complete this transaction and look forward to further building this relationship.”

Chris Niederpruem, Managing Director, CIT Real Estate Finance, added, “We are excited about expanding our already deep relationship with Kushner Companies. This is a unique opportunity for them to restore some classic New York City real estate and capitalize on very strong market fundamentals in Brooklyn Heights.”

Jared Kushner, President and CEO of the Kushner Companies, said, “There is limited new multifamily development in Brooklyn Heights and a narrow inventory of townhomes in this particular submarket. When this portfolio came to market, we wanted to close this transaction quickly and efficiently. Having an established relationship with CIT, we called on Matt and his team to again put their knowledge and experience to work for us.”

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About Kushner Companies

Kushner Companies is a diversified real estate organization headquartered in New York City. The company is involved in the ownership, management, development and redevelopment of numerous properties. The Kushner Companies’ national reach consists of more than 13,000 multifamily apartments as well as 7 million square feet of office, industrial and retail space throughout New York, New Jersey, Pennsylvania and Illinois. Kushner Companies is guided by its experience and ability to create long-term value in strategically focused markets. kushnercompanies.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. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals. As of June 30, 2014, it had approximately $14 billion of deposits and more than $18 billion of assets. cit.com/CITBank

 

About CIT

Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $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 lendingfactoringretail and equipment finance, as well as aerospaceequipment and rail leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com 

Contact:

CIT MEDIA RELATIONS:
C. Curtis Ritter, 973-740-5390
Senior Vice President of Corporate Communications
Curt.Ritter@cit.com
or
Matt Klein, 973-597-2020
Vice President, Media Relations
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Barbara Callahan, 973-740-5058
Senior Vice President
Barbara.Callahan@cit.com