NEW YORK, Jan. 8, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance division provided $31 million in financing toward the acquisition and renovation of a multifamily building in Miami, Florida.
The property is being acquired through a joint venture between Mill Creek Residential and Rockwood Capital. The building is a 20-story, 166-unit multifamily building in Miami's Health District.
"The property offers the unique opportunity to invest, with a best-in-class partner, in a Class-A cash-flowing asset with renovation, development and operational upside," said David Streicher, of Rockwood. "In considering financing, we turned to CIT for their market knowledge, experience and expertise to help move this project forward."
"We are pleased to provide financing to support the acquisition and renovation of this large residential property," said Chris Niederpruem, managing director and Eastern group head for CIT's Real Estate Finance division. "This transaction is another demonstration of the value that CIT's financing capabilities provide for real estate investors and developers."
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.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of Sept. 30, 2018, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank. Discover more at cit.com/about.
SOURCE CIT Group Inc.