NEW YORK, Jan. 5, 2017 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT), cit.com, a leading provider of commercial
lending and leasing services, today announced that CIT Real Estate
Finance served as Co-Arranger and Administrative Agent for a
$65 million senior secured credit
facility to a joint venture between Extell Development Company and
Parkland Group. The financing supports the acquisition of the Four
Seasons Vail, a luxury, five-star resort located in Vail, Colorado. Financing was provided by CIT
Bank, N.A., the principal bank subsidiary of CIT. Terms of the
transaction were not disclosed.
The property features 97 luxury guestrooms, 24 suites, and 13
club units as well as 227 below-grade parking spaces. Amenities
include a ski concierge at the base of Vail Gondola One, a
14,900-square-foot five-star spa facility, 8,500 square feet of
meeting space, and a 2,200-square-foot fitness facility, along with
a restaurant and bar.
Todd Noonan, EVP of Extell
Development, said, "This is a great property that performs well.
Vail is one of North America's most popular ski resorts with
over 2 million visitors annually. We're excited to own such a
prestigious property that has become a year-round destination.
Partnering with Matt Galligan and
his team at CIT meant the transaction would close quickly and
accurately."
Matt Galligan, President, CIT Real Estate Finance, said,
"Vail has long been considered a
gateway for winter sports and is the most visited ski destination
in the country. Its proximity to Denver and major throughways makes it a prime
attraction for both in-state and out-of-state visitors. It has been
a pleasure to share our industry expertise with Extell Development
Company and Parkland Group, and we look forward to working with
both firms again."
Chris Niederpruem, Managing
Director, CIT Real Estate Finance, said, "The acquisition of this
property represents a unique opportunity in this market.
Vail is one of North America's most celebrated resorts and
attracts families from all over the world for its renowned skiing,
warm weather outdoor activities, and small town charm. We're
pleased to be able to provide this financing."
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About Extell Development Company
Extell Development
Company, founded in 1989 by Gary
Barnett, is a nationally recognized developer of
residential, office, retail, and hospitality properties in
New York City and other major
cities nationwide. The company has a real estate portfolio that
exceeds 20 million sq. ft. of space and $10
billion of transactions. extelldev.com
About Parkland Group
Headquartered in Shenzhen, China, Parkland Group was founded by
Mr. Hang Xu in 2001. Parkland is
involved with private equity investments and real estate
developments throughout China.
parkland.cn/english
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
CIT MEDIA
RELATIONS:
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CIT INVESTOR
RELATIONS:
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Matt Klein
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Barbara
Callahan
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Director
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Senior Vice
President
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(973)
597-2020
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(973)
740-5058
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Matt.Klein@cit.com
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Barbara.Callahan@cit.com
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|
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Laura
Powers
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Vice
President
|
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(212)
461-5620
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Laura.Powers@cit.com
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SOURCE CIT Group Inc.