{"id":389607,"date":"2020-11-30T09:03:39","date_gmt":"2020-11-30T14:03:39","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=389607"},"modified":"2020-11-30T09:03:39","modified_gmt":"2020-11-30T14:03:39","slug":"cit-provides-38-million-financing-for-florida-apartment-complex","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cit-provides-38-million-financing-for-florida-apartment-complex\/","title":{"rendered":"CIT Provides $38 Million Financing for Florida Apartment Complex"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n NEW YORK<\/span>, Nov. 30, 2020<\/span> \/PRNewswire\/ —\u00a0CIT Group Inc.<\/a>\u00a0(NYSE: CIT) today announced that its Real Estate Finance<\/a>\u00a0business provided a $38 million<\/span> senior secured loan toward the acquisition of an apartment complex in Winter Park, Florida<\/span>.<\/p>\n

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\n
\n \"(PRNewsfoto\/CIT
\n <\/a>\n <\/p>\n<\/p><\/div>\n

“Lakeside at Winter Park<\/span> is a great fit for our portfolio,” said Chris Niederpruem<\/span>, CIT’s Real Estate Finance business.<\/div>\n

The property, owned by Phoenix Realty Group (“PRG”) and its investors and affiliated entities, is known as Lakeside at Winter Park<\/span> and consists of 288 units of garden style apartments on more than 26 acres with amenities including a pool, fitness center, clubhouse and tennis, basketball and volleyball courts. The financing was used for the acquisition and to continue ongoing renovations and improvements at the complex.<\/p>\n

“Lakeside at Winter Park<\/span> is in an attractive location within the Greater Orlando<\/span> market, a geography PRG has been investing in and targeting for many years,” said Ron Orgel<\/span>, Managing Director and Head of East Coast Acquisitions at PRG. “Given PRG’s value-added experience and knowledge of the Orlando<\/span> market, we look forward to continuing to develop and maintain the facilities at the property, including improving the units and amenity offerings for the residents. We appreciate CIT’s agility and expertise in arranging this financing.”<\/p>\n

“We regularly invest in residential properties in major metropolitan areas and Lakeside at Winter Park<\/span> is a great fit for our portfolio,” said Chris Niederpruem<\/span>, managing director and group head for CIT’s Real Estate Finance<\/a>\u00a0business.<\/p>\n

CIT’s\u00a0Real Estate Finance\u00a0<\/a>business, part of the\u00a0Commercial Finance\u00a0<\/a>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.<\/p>\n

\n About CIT
<\/b>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<\/a>.<\/p>\n

\n
\n MEDIA RELATIONS:<\/a>
\n <\/b>
\n
\n John M. Moran<\/span>
\n
212-461-5507
john.moran@cit.com<\/a><\/p>\n

\u00a0<\/p>\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:http:\/\/www.prnewswire.com\/news-releases\/cit-provides-38-million-financing-for-florida-apartment-complex-301180321.html<\/a><\/p>\n

SOURCE CIT Group Inc.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire NEW YORK, Nov. 30, 2020 \/PRNewswire\/ —\u00a0CIT Group Inc.\u00a0(NYSE: CIT) today announced that its Real Estate Finance\u00a0business provided a $38 million senior secured loan toward the acquisition of an apartment complex in Winter Park, Florida. “Lakeside at Winter Park is a great fit for our portfolio,” said Chris Niederpruem, CIT’s Real Estate Finance business. The property, owned by Phoenix Realty Group (“PRG”) and its investors and affiliated entities, is known as Lakeside at Winter Park and consists of 288 units of garden style apartments on more than 26 acres with amenities including a pool, fitness center, clubhouse and tennis, basketball and volleyball courts. The financing was used for the acquisition and to continue ongoing renovations and improvements at … <\/p>\n

Continue reading “CIT Provides $38 Million Financing for Florida Apartment Complex”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-389607","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCIT Provides $38 Million Financing for Florida Apartment Complex - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cit-provides-38-million-financing-for-florida-apartment-complex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIT Provides $38 Million Financing for Florida Apartment Complex - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire NEW YORK, Nov. 30, 2020 \/PRNewswire\/ —\u00a0CIT Group Inc.\u00a0(NYSE: CIT) today announced that its Real Estate Finance\u00a0business provided a $38 million senior secured loan toward the acquisition of an apartment complex in Winter Park, Florida. “Lakeside at Winter Park is a great fit for our portfolio,” said Chris Niederpruem, CIT’s Real Estate Finance business. The property, owned by Phoenix Realty Group (“PRG”) and its investors and affiliated entities, is known as Lakeside at Winter Park and consists of 288 units of garden style apartments on more than 26 acres with amenities including a pool, fitness center, clubhouse and tennis, basketball and volleyball courts. 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