CIT Group Inc. announced that CIT Real Estate Finance provided a $26.3 million senior secured credit facility to Shopoff Realty Investments, a private real estate investment company. The financing was used to support the acquisition of two creative loft office buildings in Chicago, IL. The buildings are 900 North Franklin, an 87,721-square-foot building located in the River North area, and 224 North Desplaines, a 76,729-square-foot building located in the West Loop area. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
William Shopoff, Chief Executive Officer, Shopoff Realty Investments, said, “These properties will make a great addition to our diversified portfolio of real estate investments. The loft-style office properties are located in two prestigious Chicago submarkets sought after by technology companies looking for creative office space. This is the second transaction on which we have worked with CIT. As with the first transaction, CIT collaborated with us every step of the way and developed a financial solution based on their deep commercial real estate finance expertise and knowledge of the market in the region.”
Matt Galligan, President, CIT Real Estate Finance, said, “Chicago’s central business district is a strong market for commercial real estate and one of the nation’s premier locations for office buildings. River North and the West Loop are further distinguished by the high demand for creative office space in the historic buildings in these areas, which are home to a significant majority of the top 100 tech companies in Chicago.”
Mike Pedone, Managing Director, CIT Real Estate Finance, said, “Both 900 North Franklin and 224 North Desplaines were recently renovated, and each received updates to the lobbies, elevators, restrooms and other areas. The buildings will continue to represent an attractive workspace option for tech and other companies under Shopoff’s ownership. We are pleased that we were able to support Shopoff’s acquisition of these buildings and that we had the opportunity to continue to develop our relationship with Shopoff.”
Shopoff Realty Investments is a real estate and investment company based in Irvine, CA, with a 24-year history of real estate and development experience. It offers qualified, high net worth client’s strategic investment opportunities in land, residential and commercial properties, and pooled funds.