CIT Provides $35 Million Financing for the Bascom Group and Oaktree
May 26 2016 - 8:30AM
Business Wire
Facility Used to Finance Acquisition of
Apartment Complex in Sacramento, California
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 $35 million senior secured mortgage
loan to a special purpose entity controlled by The Bascom Group
(“Bascom”), an owner/operator of multifamily properties, and funds
managed by Oaktree Capital Management, L.P. (“Oaktree”), a global
investment manager specializing in alternative investments. The
proceeds of the facility were used to finance the acquisition of
Stone Creek Apartments, a 368-unit apartment complex located in
Sacramento, California. Financing was provided by CIT Bank, N.A.,
the principal bank subsidiary of CIT. Terms of the transaction were
not disclosed.
Brian Wirtz, Managing Partner, Bascom Northwest Ventures, LLC,
said, “Stone Creek Apartments is conveniently close to downtown
Sacramento’s Central Business District, which hosts over 100,000
employees and offers more than 11 million square feet of office
space. We have worked with CIT on several previous transactions,
and, as they have done before, CIT quickly understood the value
proposition of this property and developed a comprehensive
financing proposal that met our needs.”
Mark Jacobs, a Managing Director at Oaktree, said, “Stone
Creek’s central location provides residents access to major
transportation corridors including I-5 (10 minutes to downtown
Sacramento), I-80 (88 miles to San Francisco), and U.S. 50, which
offers access to San Francisco and Lake Tahoe. CIT leveraged its
experience with financing multifamily real estate transactions to
build a tailored financing package that helped make this
acquisition possible.”
Matt Galligan, President, CIT Real Estate Finance, said, “Both
Bascom and Oaktree have extensive experience as real estate
investors. As new owners of Stone Creek, they are making
substantial improvements to the grounds and the interior and
exterior of the apartments, as well as enhancing the amenities for
residents. We are pleased to extend our longstanding relationship
with Bascom and look forward to working with Oaktree again.”
EDITOR’S NOTE:
CIT thought leadership content can be found at the Knowledge
Center on CIT.com (cit.com/knowledgecenter) and our CIT Point of
View blog (cit.com/pov). View our corporate video
(cit.com/corporatevideo) and follow us on Twitter, LinkedIn,
YouTube and Facebook. Register to receive press releases at
cit.com/newsalerts.
About Bascom
The Bascom Group, LLC is a private equity firm specializing in
value-added multifamily, commercial, and non-performing loans and
real estate related investments and operating companies. Bascom
sources value-added and distressed properties including many
through foreclosure, bankruptcy, or short sales and repositions
them by adding extensive capital improvements, improving revenue,
and reducing expenses by realizing operational efficiencies through
implementation of institutional-quality property management.
Bascom, founded by principals Jerry Fink, David Kim and Derek Chen,
is one of the most active and seasoned buyers and operators of
apartment communities in the United States. Bascom has completed
over $10.0 billion in multifamily and commercial value-added
transactions since 1996, including more than 270 multifamily
properties containing over 71,000 units. Bascom has ranked among
the top 50 multifamily owners in the United States.
bascomgroup.com
About Oaktree
Oaktree is a leader among global investment managers
specializing in alternative investments, with $97 billion in assets
under management as of March 31, 2016. The firm emphasizes an
opportunistic, value-oriented and risk-controlled approach to
investments in distressed debt, corporate debt (including high
yield debt and senior loans), control investing, convertible
securities, real estate and listed equities. Headquartered in Los
Angeles, the firm has over 900 employees and offices in 18 cities
worldwide. For additional information, please visit Oaktree’s
website at www.oaktreecapital.com.
About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company
with more than $65 billion in assets. Its principal bank
subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has
more than $30 billion of deposits and more than $40 billion of
assets. It provides financing, leasing and advisory services
principally to middle market companies across a wide variety of
industries primarily in North America, and equipment financing and
leasing solutions to the transportation sector. It also offers
products and services to consumers through its Internet bank
franchise and a network of retail branches in Southern California,
operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160526005234/en/
CIT MEDIA RELATIONS:Matt Klein, 973-597-2020Director,
Media RelationsMatt.Klein@cit.comorCIT INVESTOR
RELATIONS:Barbara Callahan, 973-740-5058Senior Vice
PresidentBarbara.Callahan@cit.com
CIT (NYSE:CIT)
Historical Stock Chart
From Mar 2024 to Apr 2024
CIT (NYSE:CIT)
Historical Stock Chart
From Apr 2023 to Apr 2024