20 Feb CIT provides financing for commercial real estate acquisition
CIT Group Inc. (NYSE: CIT), a provider of commercial lending and leasing services, has announced that its Real Estate Finance business provided a senior secured credit facility to bkm Capital Partners, an investment firm specializing in commercial and industrial real estate, to support a new acquisition in Las Vegas, Nevada, the company said.
bkm Capital Partners used the financing to acquire the USD 92 million Hughes Airport Center, a 13-building multi-tenant industrial complex strategically located in the highly sought after industrial pocket between McCarran International Airport, Interstate 15 and Interstate 215. The industrial park is the fifth Las Vegas acquisition by bkm, which is based in Newport Beach, Calif.
CIT´s Real Estate Finance unit originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the unit provides financing for single properties, property portfolios and loan portfolios.
bkm Capital Partners, currently raising their second institutional fund, was founded in 2013 by Brian Malliet and Nima Taghavi. Headquartered in Newport Beach, Calif., bkm Capital Partners is a fund manager specializing in the acquisition and improvement of value-add multi-tenant industrial properties in metro areas across the Western US By combining a deep knowledge of this niche industrial product type with an operator platform that includes in-house capabilities including on-site property management, asset management and construction management, the firm continues to build on its proven track record of generating strong results with high levels of transparency and engagement for investors. Additional information is available at www.bkmcapitalpartners.com.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately USD 50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately USD 30 billion of deposits and more than USD 40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. 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. For more information, visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook.