CIT Serves as Lead Arranger in $42 Million Financing for Garrison Investment Group

CIT Serves as Lead Arranger in $42 Million Financing for Garrison Investment Group

Represents Second Transaction with Real Estate Investor

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 it provided a $42 million senior secured loan to Garrison Investment Group, a leading middle market credit, asset based and real estate investor located in New York City. The facility will be used to purchase seven community shopping centers in Ohio. This is the second transaction that CIT has completed with Garrison this year - the first was for $35.7 million for 12 community and neighborhood shopping centers, also based in the Midwest.


CIT Real Estate Finance served as Lead Arranger for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

"Our value is that we listen to and understand our clients' needs and we are able to structure creative financing solutions for our borrowers," said Steve Reedy, Managing Director of CIT Real Estate Finance. "This recent acquisition, coupled with a similar purchase by Garrison earlier this year, further expands and diversifies their portfolio and positions the firm well for further success."

"This is the second deal with CIT's Corporate Real Estate team this year," said Nathan Bagnaschi, Vice President of Garrison Investment Group. "Their deep industry expertise and ability to provide solid, timely financing solutions is the reason we enjoy doing repeat business with CIT."

EDITOR'S NOTE:

View CIT's corporate overview video (cit.com/corporatevideo) that showcases our support of the small business, middle market and transportation sectors.

Follow us on Twitter: @citgroup, on LinkedIn: LinkedIn.com/company/cit, on YouTube: YouTube.com/citgroupvideo, and on Facebook: facebook.com/citgroup. Individuals interested in receiving corporate news releases can register at cit.com/newsalerts or subscribe to the RSS feed at cit.com/rss.

About Garrison Investment Group

Garrison Investment Group LP and its affiliates ("Garrison") is an alternative investment and asset management firm founded in March 2007 and headquartered in New York. Garrison has approximately $3.5 billion of committed and invested capital under management, a team of 62 employees, including 38 investment professionals with investments across corporate finance, real estate and structured finance. Garrison Investment Group: garrisoninv.com and Garrison Retail: garrisonretail.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

About CIT

Founded in 1908, CIT (NYS: CIT) is a bank holding company with more than $35billion 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



CIT MEDIA RELATIONS:
C. Curtis Ritter, 973-740-5390
Director of Corporate Communications
Curt.Ritter@cit.com
or
Matt Klein, 973-597-2020
VP, Media Relations
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive Vice President
Ken.Brause@cit.com

KEYWORDS:   United States  North America  New York  Ohio

INDUSTRY KEYWORDS:

The article CIT Serves as Lead Arranger in $42 Million Financing for Garrison Investment Group originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.