PR Newswire | Jun 17, 2021 09:01AM EDT

06/17 08:00 CDT

CIT Provides $42.8 Million Financing for Tampa Apartment Complex NEW YORK, June 17, 2021

NEW YORK, June 17, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business provided $42.8 million in financing for the acquisition of a recently built apartment complex in Tampa, Florida.

The 264-unit multifamily complex known as the Lola Apartments was completed in 2018. Amenities include elevators, a 24-hour fitness facility, clubhouse, game room and resort-style pool. The buyer is an affiliate of Asia Capital Real Estate (ACRE), an experienced owner-operator of multifamily residential properties.

"The Greater Tampa market is experiencing strong demand for rental housing and Lola Apartments is well-positioned to meet that demand," said ACRE Founding Partner Michael Van Der Poel. "We appreciated CIT's expertise and agility in arranging financing for this acquisition."

"We have worked with Asia Capital Real Estate before and are pleased to support their acquisition of this Class-A property with the right financing," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business.

CIT's Real Estate Finance business, part of the 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.