NEW YORK, Feb. 25, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business has arranged $66 million in financings on behalf of BKM Capital Partners, a real estate fund manager specializing in the acquisition and improvement of light industrial multi-tenant properties in metro areas across the Western U.S.
The financings supported the acquisition of three commercial real estate properties that were part of a larger 11-property industrial portfolio acquired by BKM in Arizona, California and Washington.
Property transactions financed through CIT included:
- Vista Tech Center, a 54-unit multi-tenant industrial property in Vista, California.
- Broadwood Business Park, a four-building, 34-unit multi-tenant industrial property in Mesa, Arizona.
- Hohokam 10E, an 82-unit multi-tenant industrial property in Tempe, Arizona.
CIT is also providing a variety of treasury and cash management services in connection with the financings.
"We were pleased to work with CIT yet again for these financings as we continue to focus on acquiring well-positioned properties in strong growth markets," said Brett Turner, BKM Capital Partners Managing Director of Acquisitions. "CIT's agility and understanding of our niche investment strategy has made it easy to continue to work with them, particularly on complex transactions with multiple properties requiring certainty of execution in an expedited time frame."
"BKM continues to enhance its reputation as a leader in acquiring and enhancing multi-tenant industrial properties in attractive locations with solid market and property level fundamentals," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business.
CIT has worked with BKM on multiple financings in the past, most recently closing on a $50 million financing for BKM's acquisition of industrial properties in San Diego, California.
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.
About BKM Capital Partners
BKM Capital Partners was founded in 2013 by Brian Malliet and Nima Taghavi. Headquartered in Newport Beach, California, BKM Capital Partners is a real estate fund manager specializing in the acquisition and improvement of value-add light industrial multi-tenant properties in metro areas across the Western U.S. Combining a deep knowledge of this niche industrial product type with a vertically-integrated operator platform that includes in-house capabilities to reposition and convert existing assets, enhance property management, incorporate leasing management and institutionalize light industrial properties characterized by fragmented ownership positions. The firm continues to build on its proven track record, generating strong results with high levels of transparency and engagement for investors. Additional information is available at www.bkmcapitalpartners.com.
BKM CAPITAL PARTNERS
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SOURCE CIT Group Inc.