CIT provides $42.5 million in financing for St. Louis apartment project

NEW YORK, January 12, 2021 /PRNewswire/ — CIT Group Inc. (NYSE: CIT) today announced that its Real estate financing supplied company $42.5 million in financing for the construction of the new Terra At the Grove Apartment project in St. Louis, Missouri.

The four-story structure, which will be built by Saint Louisbased in Green Street, is the first project in Saint Louis to pursue FitWell certification and is designed as a mixed-use project that will include over 300 residential units as well as ground floor retail space and associated parking. Planned facilities include a large courtyard, outdoor swimming pool, walking and running paths, business center, club and movie theaters, and more.

“Our project’s central location near transportation corridors, entertainment venues, major employers and downtown educational opportunities Saint Louis makes it a very attractive site for residential development,” said Phil Hulse, CEO and Founder of Green Street. “We found CIT’s expertise and agility to be invaluable assets as we worked to arrange this financing.”

“We are pleased to once again support Green Street’s financing as it continues its development of successful commercial real estate projects,” said Chris Niederpruem, Managing Director and Group Head of CIT’s Real Estate Finance business. “Having worked with Green Street before, we have come to respect their professionalism and skill in commercial property development and look forward to the success of their latest project.”

TIC Real estate financing company, part of Commercial financing division, creates and underwrites secure first-class real estate transactions. With deep market expertise, underwriting experience and industry relationships, the group offers financing for individual properties, real estate portfolios and loan portfolios.

About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to achieve their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with more than a century of experience and operates a primary banking subsidiary, CIT Bank, NA (Member FDIC, Equal Housing Lender). The Company’s commercial banking segment includes trade finance, community association banking, middle market banking, equipment and supplier finance, factoring, railcar finance, treasury services and payments, as well as capital markets and asset management. CIT’s retail banking segment includes a nationwide network of direct banks and regional branches. Find out more about cit.com/about.

MEDIA RELATIONS:
John M. Moran
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SOURCE CIT Group Inc.

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http://www.cit.com