CIT Provides $40.2 Million Financing to BKM Capital Partners to Support the Acquisition of Tempe Commerce Park
July 12 2016 - 8:30AM
Business Wire
- BKM Capital Partners Is an Irvine, CA,
Based Real Estate Investment Firm Specializing in Commercial and
Industrial Real Estate
- Tempe Commerce Park Is a 535,979 Square
Foot Office and Industrial Warehouse Distribution Property in
Tempe, AZ
- Property Is Located in the Dynamic
Tempe “Silicon Desert” Submarket with Convenient Access to Major
Roads and Housing
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 $40.2 million senior secured credit
facility to BKM Capital Partners, an Irvine, CA, based real estate
investment firm specializing in commercial and industrial real
estate. The financing will support the acquisition of Tempe
Commerce Park, a 535,979 square foot office and industrial
warehouse distribution property located in Tempe, AZ. Financing was
provided by CIT Bank, N.A., the principal bank subsidiary of CIT.
Terms of the transaction were not disclosed.
Brian Malliet, CEO & Co-Founder, BKM Capital Partners, said,
“This property, in the dynamic Tempe “‘Silicon Desert” submarket,
offers us the opportunity to market larger, “‘turn-key,” back
office and industrial warehouse distribution space in an infill
location. For clients, this can represent a more economical
alternative than a build-to-suit solution. This was our first
transaction with CIT, which was a strong partner throughout the
acquisition process. CIT’s commercial real estate finance expertise
was essential to the successful and timely completion of this
transaction.”
Matt Galligan, President, CIT Real Estate Finance, said, “The
property is located along the I-10 corridor in Tempe, providing
access to the Southeast Valley, Scottsdale, and downtown Phoenix,
while remaining in close proximity to housing. This location, as
well as the strong economic performance of the Tempe region, should
provide firm support for the long-term performance of this
property.”
Michael Pedone, Managing Director, CIT Real Estate Finance,
said, “In addition to the robust fundamentals underlying this
acquisition, BKM’s property management skills and the additional
amenities it plans to add to the site could create additional
value. We’re pleased to establish a relationship with BKM by
supporting its acquisition of this property and look forward to
working with BKM again.”
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About BKM Capital Partners
BKM Capital Partners was founded in 2013 by Brian Malliet and
Nima Taghavi. Headquartered in Irvine, California, BKM Capital
Partners is a fund manager specializing in the acquisition and
improvement of value-added multi-tenant light industrial properties
in metro areas across the Western U.S. Combining a deep knowledge
of this niche industrial product type with in-house capabilities
including on-site property management, asset management, and
structured financing, the firm continues to build on its proven
track record, generating strong results with high levels of
transparency and engagement for investors.
bkmcapitalpartners.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
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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
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