PR Newswire | Mar 31, 2021 09:01AM EDT

03/31 08:00 CDT

CIT Provides Financing for North Las Vegas Logistics Campus NEW YORK, March 31, 2021

NEW YORK, March 31, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business provided financing for construction of a new 730,000-square-foot logistics center and campus in North Las Vegas, Nevada.

Construction on the SunPoint West facility is expected to begin in April and conclude in approximately 12 months. The campus is located near Interstate 15 in North Las Vegas, well-known as an attractive area for shipping and logistics centers.

"The Greater Las Vegas region continues to emerge as a crossroads for goods shipping to such markets as Los Angeles, Salt Lake City and of course Las Vegas itself," said Mike Orr, Senior Vice President with SunCap Property Group. "We anticipate there will be continued demand for logistics centers like SunPoint West to support that growth."

"SunCap Property Group is an experienced developer with a deep understanding of the commercial real estate market in the Greater Las Vegas region," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business. "We were pleased to support them with the financing for this project and look forward to its successful completion and operation."

Real Estate Finance, part of CIT's Commercial Finance division, originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the group provides financing for single properties, property portfolios and loan portfolios.

About CITCIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

MEDIA RELATIONS:John M. Moran212-461-5507john.moran@cit.com

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SOURCE CIT Group Inc.