NEW YORK, April 8, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business served as sole lead arranger on a $27 million loan to finance acquisition of a warehouse and distribution center in Green Cove Springs, Florida.
The facility, located about 40 miles south of downtown Jacksonville, Florida, and close to the First Coast Expressway, consists of about 782,000 square feet of warehouse and distribution space, including about 209,000 square feet of refrigerated space. The property was acquired by an entity managed by PKY Special Situations LLC and will be managed by Parkway Property Investments.
"Demand remains high for warehouse and distribution space to serve the Southeast and Florida markets," said Al De Olazarra, President of PKY Special Situations LLC. "We were pleased with CIT's expertise and agility in arranging the financing to complete the acquisition."
"We worked closely with the buyers to understand their requirements on this project and provide funding to meet their objectives," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business.
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 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.