Providing financing to Garrison Investment Group allows us to continue to serve the middle market through innovative financing solutions and services
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that it provided a senior secured loan to Garrison Investment Group, a leading middle market credit, asset based and real estate investor located in New York City. The loan is secured by 12 recently acquired community and neighborhood shopping centers based in the Midwest.
CIT Real Estate Finance served as Lead Arranger for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“Providing financing to Garrison Investment Group allows us to continue to serve the middle market through innovative financing solutions and services,” said Steve Reedy, Managing Director of CIT Real Estate Finance. “We remain focused on utilizing our deep industry expertise to continue to accelerate our growth and business development initiatives while providing value added financing to our clients.”
“CIT provided much more than just financing,” said Nathan Bagnaschi, Vice President of Garrison Investment Group. “The CIT team worked side-by-side with us to understand our needs and provide a solid financing solution that provides us with the flexibility to support our continued success. We look forward to continuing to build upon this relationship.”
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About Garrison Investment Group
Garrison Investment Group LP and its affiliates (“Garrison”) is an alternative investment and asset management firm founded in March 2007 and headquartered in New York. Garrison has approximately $3 billion of committed and invested capital under management, a team of 62 employees, including 38 investment professionals with investments across corporate finance, real estate and structured finance. Garrison Investment Group: garrisoninv.com and Garrison Retail: garrisonretail.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE: CIT). It provides lending and leasing to the small business, middle market and rail sectors. Through its online bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of December 31, 2012, it had $9.6 billion of deposits and $12.2 billion of assets. CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status. cit.com/citbank
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital and advisory services to its 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), its primary bank subsidiary, which, through its online bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com