NEW YORK, NY - CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance division provided $48.2 million in senior secured financing for the acquisition and redevelopment of The District at Grand Terrace, an apartment complex in San Bernardino County, California.
The property, which was acquired by an investment fund managed by Tower 16 Capital Partners, consists of 352 garden-style apartment units on 15 acres in the city of Colton, California, located about one hour west of Los Angeles. The transaction includes funding for interior and exterior renovations of the property.
"These apartments occupy an attractive location within San Bernardino County where there is significant demand for rental housing," said Mike Farley, a principal and co-founder of Tower 16 Capital Partners. "We appreciated CIT's agility in assembling the financing we needed to both acquire the property and provide for future improvements."
"We worked closely with our clients to understand their needs and are pleased to provide financing to support the acquisition and renovation of this large multifamily residential property in a strong Southern California market," said Bryan Cavalier, managing director and West Coast head of CIT's Real Estate Finance division.
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.
About CIT: 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