NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced that CIT Real Estate Finance arranged a first lien term loan for Kushner Companies, a diversified real estate company headquartered in New York City. The financing will be used to renovate a 1,000-unit residential apartment complex in the Northeast. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“We’re extremely pleased to provide this financing to the Kushner Companies,” says Matt Galligan, Group Head of CIT Real Estate Finance. “We’re excited about building a relationship with this successful real estate firm.”
Jared Kushner, President and CEO of the Kushner Companies, says, “CIT’s skilled team and deep industry expertise enabled them to quickly complete this transaction, which allows us to continue the turnaround of another long-term investment property.”
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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) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE: 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. It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of September 30, 2012, it had $8.6 billion of deposits and $11.6 billion of assets. CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status. cit.com/citbank
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33 billion 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 global 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