CIT Serves as Sole Lender of $39.6 Million Financing for Industrial Facility in Baltimore, Maryland

Rhea-AI Summary

CIT, a division of First Citizens Bank, acted as the sole lead arranger for a $39.6 million loan to Clarion Partners for the Southside Logistics Center in Baltimore, Maryland. The facility will consist of two Class-A industrial buildings, totaling over 483,000 square feet, with completion expected in May and August 2022. This strategic financing supports the growing demand for logistics in the region due to the Port of Baltimore's performance.

Positive

• CIT secured a significant $39.6 million loan, enhancing its role in real estate financing.
• The project supports the growing logistics demand due to its prime location near the Port of Baltimore.

Negative

• None.

NEW YORK, March 3, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Real Estate Finance business served as sole lead arranger on a $39.6 million loan to an affiliate of Clarion Partners to finance the acquisition and development of Southside Logistics Center, an industrial facility in Baltimore, Maryland.

Southside Logistics Center is a two-building, Class-A industrial facility comprising more than 483,000 square feet and is conveniently located near a major Port of Baltimore terminal and several main interstate highways. The two buildings are currently under construction with one building expected to be complete in May 2022 and the second building in August 2022.

"Southside Logistics Center is in a prime location that will only improve as the Port of Baltimore continues to perform well amid ongoing demand for shipping transport," said Sean O'Connor at Clarion Partners. "We appreciate CIT's expertise and agility in arranging financing for this strategic acquisition."

Clarion Partners is a New York-based real estate investment and development firm with $71 billion assets under management. Its industrial group manages a portfolio of over 900 properties consisting of more than 206 million square feet located in over 78 markets across the U.S and Europe.

"Clarion has built a strong portfolio of industrial properties across the country," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business. "We were pleased to arrange the financing for the acquisition and development of this facility and look forward to 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 loan amount did CIT arrange for Clarion Partners on March 3, 2022?

CIT arranged a $39.6 million loan for Clarion Partners.

What is the Southside Logistics Center planned size?

The Southside Logistics Center will comprise over 483,000 square feet.

When is the expected completion date for the Southside Logistics Center buildings?

The first building is expected to be completed in May 2022 and the second in August 2022.

What is CIT's role in the acquisition of the Southside Logistics Center?

CIT served as the sole lead arranger for the $39.6 million financing.

How does the Southside Logistics Center's location impact its potential?

The facility is strategically located near the Port of Baltimore, supporting logistics demand.