NEW YORK, Feb. 18, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business provided $42.4 million in financing for the construction of the new apartment complex in Nashville, Tennessee, to be known as NOVEL Harpeth Heights by Crescent Communities.
The new four-story, 322-unit multifamily development will be built in Nashville's desirable Bellevue neighborhood by Crescent Communities and its development partner, Pearl Street Partners.
The project, which will include a pool, clubhouse and other amenities, will feature studios and one-, two- and three-bedroom apartment homes. It is scheduled for completion in about two years and is conveniently located just 15 minutes from the Nashville metro area.
"The growing market for housing in Greater Nashville makes it an attractive location for multifamily development," said Ben Collins, Senior Managing Director, West Region for Crescent Communities. "We appreciated CIT's expertise and agility as we worked to arrange this financing."
"Crescent Communities is an experienced developer and operator of multifamily projects and is especially familiar with the opportunities in the Greater Nashville market," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business. "We were pleased to arrange financing to help move this project forward."
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.