NEW YORK, Jan. 24, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business served as administrative agent for an $87 million loan to finance construction of a new logistics warehouse and storage facility adjacent to John F. Kennedy International Airport in Queens, N.Y.
Triangle Equities Development Company and its partners Township Capital Inc. and L&B Realty Advisors LLP are planning to develop a five-story, 300,000-square-foot Terminal Logistics Center, which will be among the first multi-story industrial buildings in the U.S.
"Triangle Equities is thrilled to collaborate with CIT to bring Terminal Logistics to the finish line," said Josh Weingarten, director of Capital Markets at Triangle Equities. "We anticipate this multi-level facility will be the first vertical air cargo development on the East Coast, setting a new standard for Class-A air cargo space in the JFK market."
"We were pleased to work with Triangle Equities to develop the financing for this exciting project," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business. "The proximity of the site to a leading international airport makes it an ideal location for a modern logistics facility to efficiently manage and store cargo."
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 and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
SOURCE CIT Group Inc.