CIT Group Inc. announced that its Real Estate Finance division served as the sole lead arranger of a $48.7 million senior secured loan for the acquisition and lease-up of  the Ballantine Industrial Center in Newark, New Jersey. The property is being acquired through a joint venture between Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management.

The Ballantine Industrial Center is comprised of six industrial/warehouse buildings and is located in close proximity to Newark's shopping, dining and recreational centers. The site also offers ready access to industrial warehouse and manufacturing loft space.

"Ongoing economic growth and the redevelopment of Newark's Ironbound district is empowering the industrial sector in the region," said Chris Niederpruem, managing director and East Coast head of CIT's Real Estate Finance division. "This transaction demonstrates our ability to leverage our expertise in structuring a financing package that best suits the buyers' interest in the property."

"We appreciated the expertise of the CIT team in quickly developing a proposal to meet our needs and arranging for a smooth closing on the financing," said Ryan Nelson, managing principal for Turnbridge Equities.

CIT's Real Estate Finance division 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.