NEW YORK, Sept. 16, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Real Estate
Finance business served as sole lead arranger on a
$41.6 million loan for the
acquisition and renovation of The Devonshire Apartments in
Hemet, California.
The 276-unit multifamily complex is being acquired by TIG
Devonshire LLC, which is jointly managed by Tailwind Investment
Group and Kairos Investment Management Company.
The group plans to enhance the property by investing in multiple
interior and exterior improvements. Existing amenities include two
clubhouses, a fitness center, tennis court, laundry facilities,
children's playground and swimming pools.
"The Devonshire Apartments offer a range of affordable
residential facilities and conveniences in a desirable location
featuring ready access to shopping, restaurants and numerous area
employers," said Peter Kurzeka,
Partner of Tailwind Investment Group. "CIT worked in quick order to
structure the acquisition financing in a manner that best allows
our partnership to successfully execute on our business plan of
repositioning the asset."
"We worked closely with these experienced real estate investors
to understand their needs and renovation plan," said Chris Niederpruem, managing director and group
head for CIT's Real Estate Finance business. "We were pleased
to arrange financing that will move the 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 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 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.
MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.
