CIT Provides $42.5 Million in Financing for St. Louis Apartment Project

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced $42.5 million financing for the construction of the Terra At the Grove Apartment project in St. Louis, Missouri. This four-story building will offer over 300 residential units along with ground-floor retail space. Developed by Green Street, the project is notable for pursuing FitWell Certification and will include various amenities like a courtyard, outdoor pool, and walking paths. CIT's Real Estate Finance business emphasizes its ongoing partnership with Green Street.

Positive

• CIT provided $42.5 million in financing, indicating strong business activity.
• Continued collaboration with Green Street, which solidifies CIT's position in commercial real estate financing.
• The project aims for FitWell Certification, highlighting a commitment to health-oriented design.

Negative

• None.

NEW YORK, Jan. 12, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business provided $42.5 million in financing for the construction of the new Terra At the Grove Apartment project in St. Louis, Missouri.

The four-story structure, to be built by St. Louis-based developer Green Street, is the first project in St. Louis to pursue FitWell Certification and is designed as a mixed-use project that will feature more than 300 residential units as well as ground-floor retail space and associated parking. Planned amenities include a large courtyard, outdoor pool, walking and running paths, business center, club and movie rooms and more.

"Our project's central location near transportation corridors, entertainment venues, major employers and educational opportunities in the downtown St. Louis area makes it a highly attractive site for residential development," said Phil Hulse, CEO and founder of Green Street. "We found CIT's expertise and agility to be valuable assets as we worked to arrange this financing."

"We are pleased to again support financing for Green Street as it continues its development of successful commercial real estate projects," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business. "Having worked with Green Street before, we have come to respect their professionalism and skill in commercial real estate development and look forward to the successful completion of their latest project."

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 significance of CIT providing financing for the Terra At the Grove Apartment project?

CIT's $42.5 million financing supports a significant residential development in St. Louis, enhancing its portfolio in real estate finance.

What are the main features of the Terra At the Grove Apartment project?

The project will feature over 300 residential units, ground-floor retail space, and various amenities including a courtyard and outdoor pool.

Who is developing the Terra At the Grove Apartment project?

The project is developed by Green Street, a St. Louis-based company.

What is FitWell Certification, and why is it important for the project?

FitWell Certification focuses on health and wellness in building design, making the project more attractive to health-conscious residents.

How does CIT's financing impact its business strategy?

By financing significant projects like this apartment, CIT strengthens its presence in the commercial real estate market and showcases its ability to support large-scale developments.