NEW YORK, Feb. 21, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance division served as the sole lead arranger of a $48.7 million senior secured loan for the acquisition and lease-up of the Ballantine Industrial Center in Newark, New Jersey. The property is being acquired through a joint venture between Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management.
The Ballantine Industrial Center is comprised of six industrial/warehouse buildings and is located in close proximity to Newark's shopping, dining and recreational centers. The site also offers ready access to industrial warehouse and manufacturing loft space.
"Ongoing economic growth and the redevelopment of Newark's Ironbound district is empowering the industrial sector in the region," said Chris Niederpruem, managing director and East Coast head of CIT's Real Estate Finance division. "This transaction demonstrates our ability to leverage our expertise in structuring a financing package that best suits the buyers' interest in the property."
"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 Ryan Nelson, managing principal for Turnbridge Equities.
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 Dec. 31, 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.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $135 billion in assets under management and over 800 professionals (as of September 30, 2018), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives. For more information: www.jpmorganassetmanagement.com.
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SOURCE CIT Group Inc.