CIT Provides $36.2 Million for Acquisition of Plano Office Building
NEW YORK, Dec. 11, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance unit provided $36.2 million in financing for the acquisition of Park Center, a 97% leased, multi-tenant office building in Plano, Texas.
Park Center, which was acquired by an affiliate of Innovatus Capital Partners LLC, is a five-story, Class A office building located at 2400 Dallas Parkway that encompasses approximately 236,000 square feet of rentable space.
The building is easily accessible via the Dallas North Tollway and the George H. Bush Turnpike and is sited within walking distance of several retail amenities including The Shops at Willow Bend, Polo Town Crossing, Legacy West and The Shops at Legacy. The building's tenant base is highly diverse featuring a collegiate sports marketing company, a major worldwide insurer, and a major independently owned title company.
"Park Center is a top-quality property in a highly desirable area in the Dallas metro," said Bradley Seiden, managing director of Innovatus. "We greatly appreciate CIT's agility and expertise in arranging the financing used to close on this property as we continue to build our diversified portfolio of commercial real estate."
"We were pleased to have another opportunity to support Innovatus' expanding portfolio by providing financing for the acquisition of Park Center," said Chris Niederpruem, head of CIT's Real Estate Finance unit. "This transaction demonstrates CIT's financing capabilities and the strong partnerships that develop as a result."
CIT also is providing a package of capital markets and treasury management solutions in connection with the financing.
CIT's Real Estate Finance unit, part of its Commercial Finance division, originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the group provides financing for single properties, property portfolios and loan portfolios.
About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of Sept. 30, 2019, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank, a division of CIT Bank, N.A. Discover more at cit.com/about.
About Innovatus Capital Partners, LLC
Innovatus adheres to an investment strategy that identifies distressed, disruptive and growth opportunities in the less obvious market segments across multiple asset categories with a unifying theme of capital preservation, income generation, and upside optionality. The firm has a dedicated team of real estate investment professionals with deep experience in commercial real estate acquisitions, recapitalizations and asset management across core-plus and opportunistic real estate investments amongst all property types including office, retail, hotel, medical, industrial and warehouse. Innovatus and its principals have significant real estate experience with ventures that range from the creation of a CMBS lending group and servicing platform to making equity investments in developments and single asset purchases. Further information can be found at innovatuscp.com.
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John M. Moran
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SOURCE CIT Group Inc.
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