CIT Provides $33.3 Million Financing to Spirit Bascom Ventures
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 a $33.3 million senior secured loan to Spirit Bascom Ventures, a joint venture between New York-based Spirit Investment Partners and the Irvine, Calif.-based Bascom Group. The facility was used to acquire 2 five-story buildings containing 136 multi-family units above more than 28,000 square feet of office space known as Jefferson at 55/77 Water in South Norwalk (SONO), Connecticut. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
"This is a significant portfolio acquisition for Spirit Bascom Ventures in the SONO neighborhood of Connecticut," said Meggan Walsh, Managing Director and Deputy Group Head of CIT Real Estate Finance. "The mixed use properties are a short walk to a growing and vibrant retail and restaurant district, as well as an MTA station that provides easy access to Manhattan. Our ability to finance this transaction, coupled with our local market expertise, allows Spirit to grow their portfolio."
Scott Zwilling, a principal with Spirit Investment Partners, said, "Traditionally we've focused on acquiring distressed and value added multifamily assets across the country, however Jefferson at 55/77 Water presented us an incredible Connecticut real estate opportunity to acquire a Class A asset. By partnering with CIT, we were able to tap their deep industry knowledge and expertise to close this transaction quickly and efficiently."
Read 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 commercial real estate market.
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About Spirit Bascom Ventures
Spirit Bascom Ventures, a joint venture between Spirit Investment Partners, LLC and The Bascom Group, LLC was formed to acquire distressed and value added multifamily assets in the northeast, southeast and Midwest markets. Spirit is a New York City based real estate investment and management company, owned and operated by principals David Nachman, Scott Zwilling and Ian Hafner, with holdings in the Northeast and Midwest. Bascom, founded by principals Jerry Fink, David Kim and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the United States.
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 $35 billion in financing and leasing assets. 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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KEYWORDS: United States North America California Connecticut New York
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