NEW YORK, Oct. 16, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance division was the sole lead arranger of a $50 million senior secured loan for the acquisition of industrial properties in San Diego, California, by BKM Capital Partners.
The acquisition consisted of six industrial properties and 14 buildings in the Otay Mesa community in the southern section of San Diego, California, which has ready access to major transportation routes and the border crossing to Mexico.
"This strategic location provides tenants with unmatched access across the border, as well as direct access to the SR-905 and I-5 freeways," explains BKM Capital Partners CEO and Co-Founder Brian Malliet. "We appreciated CIT's ability to close the loan in a short time frame, which helped enable a smooth and successful transaction."
"Ongoing economic growth is benefitting the commercial and industrial sectors in the San Diego area," said Bryan Cavalier, managing director and West Coast head of CIT's Real Estate Finance division. "We were pleased to continue building our longstanding relationship with BKM Capital Partners in financing this acquisition."
CIT's Real Estate Finance division originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the unit provides financing for single properties, property portfolios and loan portfolios.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of June 30, 2018. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook.
SOURCE CIT Group Inc.