CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance division served as co-lead arranger on $90.6 million in financing for a new multifamily housing project in Washington, D.C.

The project will be built by a joint venture managed by MRP Realty and Barings, one of the world's largest diversified real estate investment managers, on behalf of institutional investors. The project will consist of 387 units of studio, one- or two-bedroom apartments with 30 units designated as affordable housing. Completion is expected in the fourth quarter of 2021.

"We were pleased to close on this financing, which is another step forward for much-needed residential development in the Washington market," said Matt Robinson, principal at MRP Realty. "There is strong demand for attractive new units like the ones we are building, which are close to mass transit and have numerous amenities."

"Washington has grown significantly in the recent years and the number for multi-family properties is on the rise," said John Ockerbloom, head of U.S. Real Estate Equity for Barings. "We are proud to partner with MRP and CIT on this project and are looking forward to working with them in the future."

"CIT is active in financing multifamily residential developments in major markets across the nation," said Chris Niederpruem, president of CIT's Real Estate Finance division. "We are delighted to leverage our agility and expertise to support this project."

CIT's Real Estate 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.