CIT Group has provided $28.6 million in financing for Fort Lauderdale, Florida-based The Quay, a shopping mall. The buyer is a joint venture managed by Mast Capital.
NEW YORK, April 18, 2019 /PRNewswire/ — CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance division has provided $28.6 million in acquisition financing for The Quay on 17th Street, a shopping center in Fort Lauderdale, Florida.
The property, which is being acquired by a joint venture managed by Mast Capital, is fully occupied by multiple tenants, including the popular Boatyard restaurant.
“We are excited about the potential of the center,” said Matthew Adler, chief investment officer of Mast Capital. “CIT had the agility and expertise to develop the financing package we needed to facilitate this acquisition.”
“Strong economic fundamentals in the Fort Lauderdale region make this an attractive target for retail investment,” said Chris Niederpruem, managing director and East Coast head for CIT’s Real Estate Finance division. “We were pleased to work with our clients, who are experienced real estate owners and operators, to bring this transaction to a successful conclusion.”
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, approximately $50 billion in assets as of Dec. 31, 2018, 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/about.