NEW YORK, Sept. 19, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance division served as co-lead arranger on $90.6 million in financing for a new multifamily housing project in Washington, D.C.
The project will be built by a joint venture managed by MRP Realty and Barings, one of the world's largest diversified real estate investment managers, on behalf of institutional investors. The project will consist of 387 units of studio, one- or two-bedroom apartments with 30 units designated as affordable housing. Completion is expected in the fourth quarter of 2021.
"We were pleased to close on this financing, which is another step forward for much-needed residential development in the Washington market," said Matt Robinson, principal at MRP Realty. "There is strong demand for attractive new units like the ones we are building, which are close to mass transit and have numerous amenities."
"Washington has grown significantly in the recent years and the number for multi-family properties is on the rise," said John Ockerbloom, head of U.S. Real Estate Equity for Barings. "We are proud to partner with MRP and CIT on this project and are looking forward to working with them in the future."
"CIT is active in financing multifamily residential developments in major markets across the nation," said Chris Niederpruem, president of CIT's Real Estate Finance division. "We are delighted to leverage our agility and expertise to support this project."
CIT's Real Estate Finance division originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the group 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 June 30, 2019, 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.
Barings is a $325+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. Through active asset management and direct origination, we provide innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific.
*As of June 30, 2019
SOURCE CIT Group Inc.