CIT Provides $28.2 Million in Financing for California Apartment Complex Development

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced financing of $28.2 million for the construction of the Via Del Lago apartments in Moreno Valley, California. The project, developed by Spruce Grove Inc., will consist of 135 units and include amenities such as a swimming pool and fitness center. Construction is set to begin in August, with completion expected in two years. CIT's Real Estate Finance division highlighted their support for quality housing in a growing market.

Positive

• CIT provided $28.2 million in financing, enhancing its portfolio in the real estate sector.
• The Via Del Lago project will address strong demand for multifamily housing in a growth area.

Negative

• None.

NEW YORK, Aug. 12, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business provided $28.2 million in financing for construction of the Via Del Lago apartments in the Moreno Valley region of Greater Los Angeles.

Via Del Lago is planned as a 135-unit multifamily apartment complex in the attractive Rancho Belago real estate submarket. Amenities in the complex will include a swimming pool, jacuzzi, fitness center, playground, dog park, clubhouse and coffee bar. The developer, Spruce Grove Inc., expects construction will begin in August and be fully completed in about two years.

"Via Del Lago will provide quality housing with top-notch amenities at a reasonable price in a market where demand for apartments is strong and growing," said Jeff Carter, President of Spruce Grove. "We appreciated CIT's agility in arranging the financing we sought to move this project forward."

"The Spruce Grove leadership team is well-known for their expertise in developing and managing high-quality commercial real estate," said Chris Niederpruem, managing director and group head of CIT's Real Estate Finance business. "We were pleased to arrange the financing for this significant new development."

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 group 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.

FAQ

What financing did CIT provide for the Via Del Lago project?

CIT provided $28.2 million in financing for the Via Del Lago apartment complex.

When is the construction for the Via Del Lago apartments expected to begin?

Construction is expected to begin in August.

How many units will the Via Del Lago apartments have?

The Via Del Lago will feature 135 multifamily apartment units.

What amenities will be included in the Via Del Lago apartment complex?

Amenities will include a swimming pool, jacuzzi, fitness center, playground, dog park, clubhouse, and coffee bar.

Who is developing the Via Del Lago apartments?

The developer of the Via Del Lago apartments is Spruce Grove Inc.