NEW YORK, May 22, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT), today announced that its Real Estate Finance division was the sole lead arranger of a $107.5 million senior-secured construction loan for a new 333-unit multifamily residential development planned for Downtown Oakland, Calif.
The project, known as Station on 12th, will be built in the heart of Downtown Oakland within easy walking distance of shopping, dining, recreation and mass transit. The site also offers ready access to downtown San Francisco.
The Borrower is a joint venture between a Brookfield-sponsored private real estate fund and The Martin Group, the developer and operating partner for the project.
"We are pleased to support this project by taking the lead in arranging financing for the joint venture led by a Brookfield business," said Matt Galligan, president of CIT's Real Estate Finance unit. "This transaction is another example of how CIT's financing capabilities can help maximize value for real estate investors and developers."
CIT's Real Estate Finance unit 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.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of March 31, 2018. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook.
SOURCE CIT Group Inc.