CIT Provides Financing for Kushner Companies
Represents Second Recent Transaction with Kushner
NEW YORK--(BUSINESS WIRE)-- CIT Group Inc. (NYS: CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that CIT Real Estate Finance provided an $18.2 million senior secured loan to Kushner Companies, a diversified real estate company headquartered in New York City, to acquire and expand four multifamily apartment buildings located on East 9th Street in New York City. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
"The New York City metropolitan area continues to be one of the strongest markets for multifamily real estate today," said Chris Niederpruem, Managing Director of CIT Real Estate Finance. "This is our second transaction with Kushner this year and we look forward to continuing to build this relationship as they build their portfolio of properties throughout New York City."
Jared Kushner, President and CEO of the Kushner Companies, says, "We've built a solid relationship with CIT's Real Estate team, whose industry expertise gives us confidence that our transactions will close quickly and efficiently as we continue to grow our real estate portfolio."
View the 2013 Commercial Real Estate Sector Outlook with Matt Galligan, President of CIT Real Estate Finance, the latest in a series of in-depth Q&As with CIT executives, in which he comments on the New York City multifamily market.
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About Kushner Companies
Kushner Companies is a diversified real estate organization headquartered in New York City. The company is involved in the ownership, management, development and redevelopment of numerous properties. The Kushner Companies' national reach consists of more than 13,000 multifamily apartments as well as 7 million square feet of office, industrial and retail space throughout New York, New Jersey, Pennsylvania and Illinois. Kushner Companies is guided by its experience and ability to create long-term value in strategically focused markets. kushnercompanies.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYS: CIT) . It provides lending and leasing to the small business, middle market and rail sectors. Through its online bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. As of March 31, 2013, it had $10.6 billion of deposits and $13.3 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYS: CIT) is a bank holding company with more than $35billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. CIT also operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its online bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com
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Director of Corporate Communications
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Executive Vice President
KEYWORDS: United States North America New York
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