CIT Real Estate Finance has provided a USD33m 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 was used to finance a portfolio of seven office buildings in the suburbs of Philadelphia, Pennsylvania.
Financing was provided by CIT Bank, the US commercial bank subsidiary of CIT. Terms of the transaction have not been disclosed.
This is CIT’s second transaction with Exeter Property Group this year. In March, CIT Real Estate Finance arranged a USD62m senior secured credit facility for Exeter to acquire eight light industrial, distribution and R&D buildings in Mt. Olive, New Jersey and to finance five office buildings in Laurel, Maryland.
“These are desirable office properties that are well-located within the attractive northwest suburban Philadelphia market,” says Steve Reedy, managing director, CIT Real Estate Finance. “We are pleased to expand our relationship with Exeter as the firm continues to grow its portfolio.”