NEW YORK, Nov. 30, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business provided a $38 million senior secured loan toward the acquisition of an apartment complex in Winter Park, Florida.
The property, owned by Phoenix Realty Group ("PRG") and its investors and affiliated entities, is known as Lakeside at Winter Park and consists of 288 units of garden style apartments on more than 26 acres with amenities including a pool, fitness center, clubhouse and tennis, basketball and volleyball courts. The financing was used for the acquisition and to continue ongoing renovations and improvements at the complex.
"Lakeside at Winter Park is in an attractive location within the Greater Orlando market, a geography PRG has been investing in and targeting for many years," said Ron Orgel, Managing Director and Head of East Coast Acquisitions at PRG. "Given PRG's value-added experience and knowledge of the Orlando market, we look forward to continuing to develop and maintain the facilities at the property, including improving the units and amenity offerings for the residents. We appreciate CIT's agility and expertise in arranging this financing."
"We regularly invest in residential properties in major metropolitan areas and Lakeside at Winter Park is a great fit for our portfolio," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business.
CIT's Real Estate Finance business, part of the Commercial Finance division, originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the group 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 and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
SOURCE CIT Group Inc.