This financing will allow us to transform this former industrial site into a vibrant community of residential homes, shops and restaurants. CIT’s deep industry experience and skilled team was able to quickly complete this transaction which will allow us to begin construction on the next phase of this project.
NEW YORK & EDGEWATER, N.J.--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced that CIT Real Estate Finance arranged a $25 million senior secured loan for National Resources, a real estate and investment firm focused on redeveloping corporate and industrial sites. The financing will be used to develop The Lofts at Edgewater Harbor, a 150 residential condo complex in Edgewater, NJ overlooking the Hudson River. Financing was provided by CIT Bank, a wholly-owned subsidiary of CIT. Terms of the transaction were not disclosed.
“We’re extremely pleased to provide this financing to National Resources that will assist them in the development of The Lofts,” said Matt Galligan, Group Head of CIT Real Estate Finance. “This transaction underscores our commitment to provide financing to our clients looking to build their real estate portfolios.”
Joseph Cotter, principal of National Resources, said, “This financing will allow us to transform this former industrial site into a vibrant community of residential homes, shops and restaurants. CIT’s deep industry experience and skilled team was able to quickly complete this transaction which will allow us to begin construction on the next phase of this project.”
Formerly the site of Unilever’s Research and Development Headquarters, the land is being transformed into Edgewater Harbor, a 24-acre mixed use site this is destined to become a landmark for its architecture, commitment to green design and destination waterfront location.
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About National Resources
National Resources is a specialist real estate development and investment firm that focuses on the redevelopment of corporate and industrial sites. NRE has redeveloped over $1 billion of projects with some of the world’s largest capital partners. Most significantly, NRE has been able to achieve these objectives while producing strong financial returns for investors. nationalresources.com
About CIT Bank
Founded in 2000, CIT Bank is wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT). It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of December 31, 2011, it had $6.1 billion of deposits and $9 billion of assets. CIT Bank is a member of FDIC. BankOnCIT.com
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of online savings options designed to help customers achieve a range of financial goals. cit.com