NEW YORK, Oct. 9, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance division provided a $56 million senior secured mortgage loan for the acquisition and renovation of the Bel Air Las Colinas Apartments, a multifamily complex in Irving, Texas.
The property, which was acquired by Western Wealth Capital, is a 515-unit, garden-style multifamily complex consisting of 28 three-story buildings. The financing includes funding for interior and exterior renovations of the property, including swimming pool area improvements, a re-modeled clubhouse and enhanced landscaping.
"We're pleased to have another opportunity to collaborate with Western Wealth Capital. This latest transaction reflects our strong relationship with Western Wealth and our longstanding commitment to meeting the financing needs of real estate investors and developers," said Chris Niederpruem, president of CIT's Real Estate Finance division.
"CIT has remained a valued financial partner as we've expanded our commercial multifamily property portfolio," said Janet LePage, co-founder and chief executive officer of Western Wealth Capital. "We appreciated the team's expertise and agility in assembling this financing package."
CIT's Real Estate Finance unit, part of its Commercial 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, a division of CIT Bank, N.A. Discover more at cit.com/about.
SOURCE CIT Group Inc.