CIT Serves as Lead Arranger in $42.8 Million Financing for Garrison Investment Group
Represents Third Transaction with Real Estate Investor
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: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 served as lead arranger for a $42.8 million senior secured loan to Garrison Investment Group, a leading middle market, asset-based and real estate investor located in New York City. The loan is secured by a suburban office portfolio located in Greenville, South Carolina. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“These properties are in a prime location within the Greenville market and have a superior roster of Tier-1 tenants. We focus on creating innovative financial structuring solutions for our middle market real estate clients and look forward to further developing our relationship with Garrison.”
“This is the third transaction with Garrison in the last year and highlights our ability to build relationships based on our deep industry expertise,” said Steve Reedy, Managing Director, CIT Real Estate Finance. “These properties are in a prime location within the Greenville market and have a superior roster of Tier-1 tenants. We focus on creating innovative financial structuring solutions for our middle market real estate clients and look forward to further developing our relationship with Garrison.”
Nathan Bagnaschi, Vice President of Garrison Investment Group, said, “These properties feature two of the most prominent Class A business parks in the region and provide large blocks of space to tenants in the Greenville area, which are scarce. The parks are in close proximity to Greenville/Spartanburg International Airport, and the location offers excellent access and visibility from major highway interchanges. We appreciate the knowledge and expertise of CIT’s commercial real estate team and its proven ability to structure and complete financing transactions in a timely and efficient manner.”
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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. (NYSE: CIT). It provides lending and leasing to the small business, middle market and transportation sectors. Through its Internet bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. As of December 31, 2013, it had more than $12 billion of deposits and over $16 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its Internet bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com