NEW YORK, Oct. 18, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance division was the sole lead arranger of a $24 million senior secured loan for the acquisition of a multi-family property in San Pedro, California, by MWest Holdings, a private real estate investment and management firm.
MWest Holdings acquired the San Pedro Bank Lofts, an 89-unit loft-style multi-family property located in downtown San Pedro, near the San Pedro Arts District, in August. The property consists of two four-story buildings.
"The convenient location of this property, and its proximity to the arts district and redeveloping Los Angeles waterfront, makes it an attractive investment," said Matthew Ellis, chief investment officer at MWest Holdings. "We appreciated CIT's real estate expertise, which helped enable a smooth and successful transaction."
"CIT is active in financing commercial properties in the Southern California region," said Bryan Cavalier, managing director and West Coast head of CIT's Real Estate Finance division. "We were pleased to leverage our expertise to assist MWest Holdings in completing this purchase."
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.