NEW YORK, Aug. 24, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business served as sole lead arranger on a $26 million loan for the acquisition of a three-building portfolio of industrial buildings in West Palm Beach, Florida.
The properties comprise nearly 200,000 square feet of industrial space across more than 11 acres on West Palm Beach's North Florida Mango Road, in close proximity to Interstate 95, the Florida Turnpike and West Palm Beach International Airport. The property was acquired by an entity managed by Alliance HP, a leading real estate investor across the Eastern U.S.
"The West Palm Beach market is a growing hub for commercial activity and this portfolio is well-positioned to support that growth with superb facilities close to major transportation corridors and infrastructure," said Peter D. Derrico of Alliance HP. "We greatly appreciated CIT's expertise and agility in arranging the financing for this strategic acquisition."
"Alliance HP has a well-earned reputation for recognizing commercial real estate opportunities and leasing properties to their full potential," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business. "We were pleased to assist in financing this acquisition and look forward to future occasions to support the growth of their portfolio."
CIT's Real Estate Finance business, part of the Commercial 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 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.