NEW YORK, March 3, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Real Estate Finance business served as sole lead arranger on a $39.6 million loan to an affiliate of Clarion Partners to finance the acquisition and development of Southside Logistics Center, an industrial facility in Baltimore, Maryland.
Southside Logistics Center is a two-building, Class-A industrial facility comprising more than 483,000 square feet and is conveniently located near a major Port of Baltimore terminal and several main interstate highways. The two buildings are currently under construction with one building expected to be complete in May 2022 and the second building in August 2022.
"Southside Logistics Center is in a prime location that will only improve as the Port of Baltimore continues to perform well amid ongoing demand for shipping transport," said Sean O'Connor at Clarion Partners. "We appreciate CIT's expertise and agility in arranging financing for this strategic acquisition."
Clarion Partners is a New York-based real estate investment and development firm with $71 billion assets under management. Its industrial group manages a portfolio of over 900 properties consisting of more than 206 million square feet located in over 78 markets across the U.S and Europe.
"Clarion has built a strong portfolio of industrial properties across the country," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business. "We were pleased to arrange the financing for the acquisition and development of this facility and look forward to opportunities to support their future investments."
CIT's Real Estate Finance business, part of the Commercial Finance group, originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the group provides financing for single properties and property portfolios.
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.
SOURCE CIT, a division of First Citizens Bank