NEW YORK, Nov. 19, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business served as a sole lead arranger of a $91 million senior secured loan for the acquisition of the Sheraton Denver Hotel in downtown Denver, Colorado.
The property, which serves as Denver's largest full service convention hotel, offers 133,000 square feet of meeting space, 1,231 hotel rooms and is located along the popular 16th Street pedestrian mall. The borrower is a joint venture between High Street Real Estate Partners and Eagle Four Partners.
"We appreciated the expertise of the CIT team in quickly developing a proposal to meet our needs and arranging for a smooth closing on the financing," said Justin Wilson, president and partner of High Street Real Estate Partners.
"Steady growth in Denver's hospitality market and the property's proximity to the downtown convention center makes the Sheraton Denver an excellent opportunity," said Chris Niederpruem, managing director and East Coast head of CIT's Real Estate Finance division. "We are delighted to leverage our expertise to help finance this project."
CIT's Real Estate 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, approximately $50 billion in assets as of Sept. 30, 2018, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank. Discover more at cit.com/about.
CIT MEDIA RELATIONS:
John M. Moran
SOURCE CIT Group Inc.