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
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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SOURCE CIT Group Inc.