CIT Provides $35.9 Million in Financing for Construction of Apartment Building

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced a $35.9 million senior secured loan for the construction of a 183-unit apartment building in Stamford, Connecticut. This financing will support a joint venture project by Fields Grade Development and Alpine Residential, strategically located near major employers and transport links. CIT's Real Estate Finance division aims to boost its portfolio in metropolitan areas and emphasizes its role in facilitating the project despite challenges posed by the COVID-19 pandemic.

Positive

• CIT provided a significant $35.9 million loan to support a 183-unit apartment building project.
• The project is located in a desirable area, enhancing potential rental income.
• CIT's involvement signifies confidence in the project's long-term success.

Negative

• None.

NEW YORK, June 18, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business provided a $35.9 million senior secured loan for construction of a new 183-unit apartment building in Stamford, Connecticut.

The project, a joint venture between Fields Grade Development and Alpine Residential, is located on Canal Street in Stamford, within walking distance of several large employers. The site is also a short distance from the Metro North railway, providing easy access to Grand Central Terminal in Manhattan and other stops along the New York-Connecticut rail corridor.

"This financing helps advance our plan to construct an attractive multifamily residential building with ground-floor retail space and other associated amenities in a premier Stamford location," said Rob Caulfield of Fields Grade Development. "We appreciated CIT's agility and expertise in developing the right financing package while overcoming the challenges of doing business during the COVID-19 pandemic."

"We're excited to contribute to the realization of this top-quality residential project in a highly desirable area," said William Rosato of Alpine Residential. "We are pleased to collaborate with Fields Grade Development and CIT in moving this project forward to a successful completion."

"This project is a great fit for our portfolio of projects in major metropolitan areas," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business. "We are pleased to open a relationship with Fields Development and Alpine Residential in supporting this project, which we are confident will be an attractive residential property for the long term."

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 is the amount of financing provided by CIT for the apartment building in Stamford?

CIT provided $35.9 million in financing for the construction of the apartment building.

Who are the partners behind the apartment building project in Stamford?

The apartment building project is a joint venture between Fields Grade Development and Alpine Residential.

When was the financing announcement made by CIT Group?

The financing announcement was made on June 18, 2020.

What type of project is CIT financing in Stamford?

CIT is financing the construction of a 183-unit apartment building.

How does this project fit into CIT's real estate strategy?

This project aligns with CIT's strategy to expand its portfolio in major metropolitan areas.