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CIT Provides Financing for Multifamily Building Acquisition and Renovation
Friday 11 January 2019

11 January 2019 - US-based banking group CIT Group Inc.'s (NYSE: CIT) Real Estate Finance division provided USD 31m in financing toward the acquisition and renovation of a multifamily building in Miami, Florida, the group said.

The property is being acquired through a joint venture between Mill Creek Residential and Rockwood Capital. The building is a 20-story, 166-unit multifamily building in Miami's Health District.

CIT's Real Estate Finance division originates and underwrites senior secured real estate transactions.

The unit provides financing for single properties, property portfolios and loan portfolios.

CIT is a national bank with approximately USD 50bn in assets as of Sept. 30, 2018. It 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.
Date Published: 11/01/2019
Target: Multifamily building in,  Miami, Florida
Country: USA
Deal Size: 31m (USD)
Sector: Construction/Real Estate
Type: JV
Financing: Cash
Status: Agreed
Buyer: Mill Creek Residential and Rockwood Capital
CIT Group leads financing