CIT Provides $44.7 Million in Financing for Garrison Investment Group
July 08 2015 - 8:30AM
Business Wire
- Represents Fourth Financing Completed
by CIT for Garrison
- Loan Secured by Portfolio of 11
Shopping Centers Located in Ohio and Indiana
CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of
commercial lending and leasing services, today announced that CIT
Real Estate Finance provided a $44.7 million senior secured loan to
Garrison Investment Group, a leading middle market asset-based and
real estate investor. The loan is secured by a portfolio of 11
shopping centers located in Ohio and Indiana. Financing was
provided by CIT Bank, the U.S. commercial bank subsidiary of CIT.
Terms of the transaction were not disclosed.
“CIT has remained a strong financial partner over the past
several years as we’ve built our commercial property portfolio,”
said Nathan Bagnaschi, Director of Garrison Investment Group. “The
properties in this portfolio are located close to major
transportation arteries and have a high rate of occupancy and
diversified retail tenants. CIT’s knowledge of commercial real
estate enabled them to see the strength of this portfolio and to
structure a flexible financing solution that met our needs. We look
forward to further collaborating with CIT on future
transactions.”
Matthew Galligan, President of CIT Real Estate Finance, said,
“We are pleased to have completed another transaction with
Garrison. This transaction, our fourth, reflects our commitment to
meeting the financing needs of our middle market customers.”
Steve Reedy, Managing Director of CIT Real Estate Finance, said,
“Our common focus on the middle market makes Garrison and CIT
excellent partners. This transaction is another great opportunity
to expand our relationship and again put our real estate expertise
to work on behalf of Garrison’s investors to finance a solid
portfolio of retail assets that are supported by a variety of
tenants including well known national and regional retailers.”
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About Garrison Investment Group
Garrison Investment Group LP and its affiliates (“Garrison”) are
an alternative investment and asset management firm founded in
March 2007 and headquartered in New York. Garrison has
approximately $4.2 billion of committed and invested capital under
management and a team of 82 employees, including 48 investment
professionals with investments across corporate finance, real
estate and structured finance. Garrison Investment Group:
garrisoninv.com, Garrison Retail: garrisonretail.com and Garrison
Capital: garrisoncapitalbdc.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. CIT Bank (BankOnCIT.com) offers
a variety of savings options designed to help customers achieve
their financial goals. As of March 31, 2015, it had more than $16
billion of deposits and more than $21 billion of assets.
cit.com/CITBank
About CIT
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 principally to
middle market companies across more than 30 industries primarily in
North America, and equipment financing and leasing solutions to the
transportation industry worldwide. Its U.S. commercial bank
subsidiary, CIT Bank (Member FDIC) BankOnCIT.com, offers a variety
of savings options designed to help customers achieve their
financial goals. cit.com
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of Corporate Communications(973) 740-5390Curt.Ritter@cit.comorMatt
KleinVice President, Media Relations(973)
597-2020Matt.Klein@cit.comorCIT INVESTOR RELATIONS:Barbara
CallahanSenior Vice President(973)
740-5058Barbara.callahan@cit.com
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