CIT Provides $26.3 Million Acquisition Financing to Shopoff Realty Investments for Two Creative Loft Office Buildings in Chic...
October 17 2016 - 8:30AM
Business Wire
- Buildings Are Located in Two Premier
Chicago Submarkets Most Sought After by Technology Companies
Looking for Creative Office Space
- 900 North Franklin Is an
87,721-Square-Foot Office Building Located in the River North
Area
- 224 North Desplaines Is a
76,729-Square-Foot Office Building Located in the West Loop
Area
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 $26.3 million senior secured credit
facility to Shopoff Realty Investments, a private real estate
investment company. The financing was used to support the
acquisition of two creative loft office buildings in Chicago,
Illinois. The buildings are 900 North Franklin, an
87,721-square-foot building located in the River North area, and
224 North Desplaines, a 76,729-square-foot building located in the
West Loop area. Financing was provided by CIT Bank, N.A., the
principal bank subsidiary of CIT. Terms of the transaction were not
disclosed.
William Shopoff, Chief Executive Officer, Shopoff Realty
Investments, said, “These properties will make a great addition to
our diversified portfolio of real estate investments. The
loft-style office properties are located in two prestigious Chicago
submarkets sought after by technology companies looking for
creative office space. This is the second transaction on which we
have worked with CIT. As with the first transaction, CIT
collaborated with us every step of the way and developed a
financial solution based on their deep commercial real estate
finance expertise and knowledge of the market in the region.”
Matt Galligan, President, CIT Real Estate Finance, said,
“Chicago’s central business district is a strong market for
commercial real estate and one of the nation’s premier locations
for office buildings. River North and the West Loop are further
distinguished by the high demand for creative office space in the
historic buildings in these areas, which are home to a significant
majority of the top 100 tech companies in Chicago.”
Mike Pedone, Managing Director, CIT Real Estate Finance, said,
“Both 900 North Franklin and 224 North Desplaines were recently
renovated, and each received updates to the lobbies, elevators,
restrooms and other areas. The buildings will continue to represent
an attractive workspace option for tech and other companies under
Shopoff’s ownership. We are pleased that we were able to support
Shopoff’s acquisition of these buildings and that we had the
opportunity to continue to develop our relationship with
Shopoff.”
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 Shopoff Realty Investments
Shopoff Realty Investments is a real estate and investment
company based in Irvine, California, with a 24-year history of real
estate and development experience. It offers qualified, high net
worth client’s strategic investment opportunities in land,
residential and commercial properties, and pooled funds.
shopoff.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/20161017005602/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