CIT Provides $42.8 Million Financing for Tampa Apartment Complex

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced financing of $42.8 million for the acquisition of the Lola Apartments, a 264-unit multifamily complex in Tampa, Florida. Completed in 2018, the complex features modern amenities including a fitness facility, clubhouse, and resort-style pool. The buyer, Asia Capital Real Estate (ACRE), is noted for strong demand in the Greater Tampa rental market. CIT's Real Estate Finance division facilitated this acquisition, showcasing its expertise in originating senior secured real estate transactions.

Positive

• Secured financing of $42.8 million for a high-demand rental property.
• Engagement with an experienced real estate partner, Asia Capital Real Estate.

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• None.

NEW YORK, June 17, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business provided $42.8 million in financing for the acquisition of a recently built apartment complex in Tampa, Florida.

The 264-unit multifamily complex known as the Lola Apartments was completed in 2018. Amenities include elevators, a 24-hour fitness facility, clubhouse, game room and resort-style pool. The buyer is an affiliate of Asia Capital Real Estate (ACRE), an experienced owner-operator of multifamily residential properties.

"The Greater Tampa market is experiencing strong demand for rental housing and Lola Apartments is well-positioned to meet that demand," said ACRE Founding Partner Michael Van Der Poel. "We appreciated CIT's expertise and agility in arranging financing for this acquisition."

"We have worked with Asia Capital Real Estate before and are pleased to support their acquisition of this Class-A property with the right financing," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business.

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 amount did CIT secure for the Tampa apartment complex?

CIT secured $42.8 million for the acquisition of the Lola Apartments.

Who acquired the Lola Apartments in Tampa?

The Lola Apartments were acquired by an affiliate of Asia Capital Real Estate.

What features does the Lola Apartments complex offer?

The Lola Apartments include amenities such as a fitness facility, clubhouse, game room, and resort-style pool.

When were the Lola Apartments completed?

The Lola Apartments were completed in 2018.

Which division of CIT provided the financing?

CIT's Real Estate Finance division provided the financing for the acquisition.