NEW YORK, March 12, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) announced that its Real Estate Finance division has provided acquisition financing for Nashville City Center, a 27-story office tower in downtown Nashville, Tennessee.
The property, which is being acquired by CapRidge Partners, is located in Nashville's central business district across the street from the Tennessee Performing Arts Center and close to the Bridgestone Arena, the new Nashville Yards development and numerous dining and entertainment options.
"We were pleased to arrange financing for the acquisition of this notable office property in Nashville, which is a vibrant market for commercial properties," said Chris Niederpruem, managing director and Eastern group head for CIT's Real Estate Finance division. "This transaction is another demonstration of the value that CIT's financing capabilities provide for real estate investors and developers."
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 CapRidge Partners
CapRidge Partners is a fully integrated investment management and operating company focused on value-add office properties in nine select U.S. markets, including Nashville. Their strategy is to acquire well-located assets, below replacement cost, that offer opportunities to add value by providing proactive management, delivering enhanced customer service and wellness amenities, leasing to stabilized occupancies, marking-to-market expiring leases, and completing capital projects. Since 2012, CapRidge has purchased 32 office buildings.
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SOURCE CIT Group Inc.