CIT serves as joint lead arranger in USD62m financing for Exeter Property Group
CIT Group, a provider of financing and advisory services to small businesses and middle market companies, has arranged a USD62m senior secured credit facility to Exeter Property Group, a real estate private equity firm that acquires, develops and manages commercial properties across the US.
The facility will be used to purchase eight light industrial, distribution and R&D buildings in Mt. Olive, New Jersey and to refinance five office buildings in Laurel, Maryland.
CIT Real Estate Finance served as joint lead arranger for the transaction. Financing was provided by CIT Bank, the US commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“This transaction highlights our continued efforts to meet the financing needs of our middle market real estate clients in a way that positions them for success,” says Steve Reedy, managing director, CIT Real Estate Finance. “These properties are in prime submarket locations and add to Exeter’s growing portfolio of properties.”