CIT Serves as Lead Arranger on $53 Million Financing for Washington-BWI Industrial Properties

Rhea-AI Summary

CIT, a division of First Citizens Bank, announced its role as lead arranger for $53 million in financing for acquiring six industrial properties in the Baltimore-Washington D.C. area. The properties, totaling nearly 500,000 square feet, feature robust lease agreements with existing tenants, reflecting strong demand for logistical facilities in the region. Aminim Group, the borrower, has a history of significant investments in logistics and real estate. CIT's Real Estate Finance division focuses on senior secured real estate transactions, demonstrating its capabilities in the commercial finance sector.

Positive

• CIT arranged $53 million financing for six industrial properties, enhancing its market position.
• The properties acquired encompass nearly 500,000 square feet with existing strong lease agreements.
• Aminim Group's acquisition reflects a continued demand for logistical facilities in the Mid-Atlantic region.

Negative

• None.

NEW YORK, Aug. 16, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Real Estate Finance business served as lead arranger on $53 million in financing for the acquisition of six industrial properties.

The borrower, Aminim Group, acquired the portfolio of properties, which are located in the busy Baltimore-Washington D.C. area with easy access to major transportation corridors. The properties collectively encompass nearly 500,000 square feet of industrial space with strong lease agreements to existing tenants.

"Demand is strong for logistical facilities in the Mid-Atlantic region and this new portfolio of properties is well positioned to support that market demand," said Nir Kriel, CEO of Aminim Group and the Apexus Logistics discretionary fund. "We have previously partnered with CIT and are again pleased by the expertise and agility they demonstrated in arranging financing for this acquisition."

Established in 1996, Aminim Group is a privately held, commercial real estate investment company based in Houston, Texas. In the last 2 years alone, the company has purchased over 3 million square feet of logistics, industrial and other commercial space in the U.S, and separately also purchased over 10,000 multi-family apartment units since establishment.

"Aminim Group is continuing to grow its reputation for smart and 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 meet their financing needs 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: 
John M. Moran 
212-461-5507 
john.moran2@firstcitizens.com

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SOURCE CIT, a division of First Citizens Bank

FAQ

What financing did CIT announce on August 16, 2022?

CIT announced it arranged $53 million in financing for the acquisition of six industrial properties.

Which company acquired the industrial properties financed by CIT?

The industrial properties were acquired by Aminim Group.

Where are the industrial properties located?

The properties are located in the Baltimore-Washington D.C. area.

What is the total size of the industrial properties financed by CIT?

The properties collectively encompass nearly 500,000 square feet.

What is CIT's role in the financing arrangement?

CIT served as the lead arranger for the financing.