CIT Provides $29.9 Million Financing for Portfolio of Industrial Buildings in Greater Chicago

Rhea-AI Summary

CIT, a division of First Citizens Bank, has announced a $29.9 million loan for Aminim Group to acquire a portfolio of industrial buildings in Greater Chicago. This portfolio features three fully leased buildings near I-294 and O'Hare International Airport, currently occupied by six tenants across various industries. The acquisition is positioned to leverage the steady leasing growth in the Chicago industrial market, enhancing Aminim Group's investment portfolio.

Positive

• Provision of a $29.9 million loan to Aminim Group for acquiring industrial buildings.
• Portfolio consists of three fully leased buildings, enhancing rental income potential.
• Strategic location near major transport hubs, likely increasing property value.

Negative

• None.

NEW YORK, March 28, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Real Estate Finance business provided a $29.9 million loan for the acquisition of a portfolio of industrial buildings in Greater Chicago by Aminim Group.

The portfolio consists of three industrial buildings, all of which are in close proximity to the major four-way interchange I-294, and two of which are located within one mile from O'Hare International Airport. The buildings are currently fully leased by six tenants in various industries.

"The convenient location of these properties in a growing market, and with easy access to the I-294 freeway, makes them an attractive investment," said Nir Kriel, CEO of the Aminim Group and the Apexus Logistics discretionary Fund. "We appreciated CIT's ability to close the loan swiftly, which helped enable a seamless, successful transaction."

Aminim Group is a privately held, commercial real estate investment company based in Houston, Texas and Jerusalem, Israel. Since its establishment in 1996, the company has purchased over two million square feet of logistics, industrial and other commercial space in the U.S., Canada and Europe.

"The Chicago industrial market is experiencing steady leasing growth, making this acquisition a solid addition to Aminim Group's portfolio," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business. "We were pleased to leverage our expertise to assist Aminim Group in completing this purchase."

CIT's Real Estate Finance business, part of the Commercial Finance group, originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the group provides financing for single properties and property portfolios. 

About CIT
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.

MEDIA RELATIONS:
Lexa Tutela
212-461-5305
lexa.tutela@firstcitizens.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/cit-provides-29-9-million-financing-for-portfolio-of-industrial-buildings-in-greater-chicago-301508112.html

SOURCE CIT, a division of First Citizens Bank

FAQ

What was the amount of financing provided by CIT for the industrial buildings acquisition in Greater Chicago?

CIT provided a $29.9 million loan for the acquisition.

Who is the borrower for the loan provided by CIT?

The borrower is Aminim Group, a commercial real estate investment company.

What type of properties did CIT finance for Aminim Group?

CIT financed the acquisition of a portfolio of industrial buildings.

When was the loan announced by CIT?

The loan was announced on March 28, 2022.

What is the significance of the location of the financed properties?

The properties are located near major transport hubs, including I-294 and O'Hare International Airport, which enhances their investment appeal.