CIT Provides $37.2 Million Financing for Distribution Facility in Pittsburgh, Pennsylvania

Rhea-AI Summary

CIT, a division of First Citizens Bank, announced a $37.2 million loan to Aminim Group for acquiring a 510,000 square feet distribution facility in Pittsburgh, Pennsylvania. The facility, fully leased to Amazon.com and Nogin, enhances logistical connectivity for over 800,000 consumers within a 30-minute drive. CIT's Real Estate Finance team expressed confidence in Aminim Group, citing their successful track record in real estate investments since 1996. First Citizens BancShares, Inc. (NASDAQ: FCNCA) is recognized as a top 20 U.S. financial institution with over $100 billion in assets.

Positive

• CIT provided a substantial $37.2 million loan, strengthening its lending portfolio.
• The distribution facility is fully leased to high-profile tenants, including Amazon.com.
• Aminim Group has a successful track record in real estate investments, suggesting a secure investment.

Negative

• None.

NEW YORK, April 13, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Real Estate Finance business provided a $37.2 million loan to Aminim Group to finance the acquisition of a bulk distribution facility in Pittsburgh, Pennsylvania.

The industrial distribution facility comprises more than 510,000 square feet and is located near Downtown Pittsburgh and several main interstate highways. The facility is fully leased to two tenants, Amazon.com and Nogin, and serves as one of Amazon's two sortation facilities located in the market.

"Given its optimal location, the facility is well-positioned to provide logistical connectivity to over 800,000 consumers within a 30-minute drive and major population centers across the Mid-Atlantic," said Nir Kriel, CEO of Aminim Group and the Apexus Logistics discretionary fund. "We've previously partnered with CIT and are again pleased by the expertise and agility they demonstrated in arranging financing for this acquisition."

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.

"Aminim Group is well-known for its successful real estate investments across the country," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business. "We were pleased to again work with Aminim Group to arrange financing for the acquisition of this facility and look forward to additional opportunities to support their future investments."

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

 

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SOURCE CIT, a division of First Citizens Bank

FAQ

What was the amount of the loan provided by CIT to Aminim Group?

CIT provided a loan of $37.2 million to Aminim Group.

Which company is fully leasing the Pittsburgh distribution facility?

The Pittsburgh distribution facility is fully leased to Amazon.com and Nogin.

How large is the distribution facility financed by CIT in Pittsburgh?

The distribution facility financed by CIT in Pittsburgh comprises over 510,000 square feet.

What are the main benefits of the Pittsburgh facility's location?

The facility provides logistical connectivity to over 800,000 consumers within a 30-minute drive.

What is the relationship between CIT and Aminim Group?

CIT has previously partnered with Aminim Group, demonstrating expertise and agility in financing.