NEW YORK, July 11, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance division provided $27.5 million in financing for the acquisition of 4040 Civic Center Drive, a multi-story office building in San Rafael, Calif.
The property, which was acquired by Innovatus Capital Partners LLC, is a five-story Class A office building encompassing more than 135,000 square feet of space. The building is certified as LEED Platinum for energy efficiency and sustainability. The building's tenant base is a diverse group across multiple business sectors including shipping, retail, law and government.
"We are pleased to acquire 4040 Civic, an excellent asset in a highly desirable area that supports market expansion from the San Francisco bay area, and we look forward to working closely with our tenants to sustain long-term occupancy at the asset," said Bradley Seiden, managing director of Innovatus. "We greatly appreciated CIT's agility and expertise in arranging the financing needed to close this transaction."
"CIT is active in financing commercial properties in major California markets," said Chris Niederpruem, group head of CIT's Real Estate Finance division. "We were delighted to support Innovatus with our first financing for an acquisition in its expanding portfolio."
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 March 31, 2019, 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 Innovatus Capital Partners, LLC
Innovatus adheres to an investment strategy that identifies distressed, disruptive and growth opportunities in the less obvious market segments across multiple asset categories with a unifying theme of capital preservation, income generation, and upside optionality. The firm has a dedicated team of real estate investment professionals with deep experience in commercial real estate acquisitions, recapitalizations and asset management across core-plus and opportunistic real estate investments amongst all property types including office, retail, hotel, medical, industrial and warehouse. Innovatus and its principals have significant real estate experience with ventures that range from the creation of a CMBS lending group and servicing platform to making equity investments in developments and single asset purchases. Further information can be found at innovatuscp.com.
SOURCE CIT Group Inc.