CIT Group Inc. announced that CIT Real Estate Finance provided a $55 million senior secured loan to MIM-Hayden Real Estate Fund I, LP, an investment fund sponsored by Hayden Real Estate Investments and Miller Investment Management. The financing was used to refinance Five Tower Bridge, an eight-story Class A office tower located in West Conshohocken, PA. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
This is the third transaction in the suburban Philadelphia office market that CIT has provided financing for in the last year. In November 2013, CIT financed the recapitalization and repositioning costs of a six-building, 200,000-square-foot office park in Conshohocken and an 89,000-square-foot, Class A office building in Malvern, PA.
“We’re pleased to provide this financing to MIM-Hayden Real Estate Fund to support the refinancing of its Five Tower Bridge office tower, which is located in one of Philadelphia’s strongest suburban office markets,” said Matt Galligan, President of CIT Real Estate Finance. “Our extensive expertise in the greater Philadelphia market and our deep experience in financing commercial real estate assets allowed us to develop a customized financing solution in a timely manner. We look forward to building on this new relationship.”
Steve Reedy, Managing Director of CIT Real Estate Finance, said, “Five Tower Bridge is considered the preeminent building within the Tower Bridge complex in downtown West Conshohocken. The property benefits from its attractive world class style and finishes as well as its Main Line, western suburban Philadelphia location near the confluence of the Schuylkill Expressway (I-76) and the Blue Route (I-476). The Main Line is an excellent market for suburban offices, and home to some of the country’s wealthiest communities.”
Anthony J. Hayden, Managing Director of MIM-Hayden Real Estate Fund, said, “This property, along with a few other properties in the area, set the highest asking rents in the market. Many executives living along the Main Line prefer the easy commute to West Conshohocken and appreciate that employees are not subject to the city of Philadelphia wage tax. CIT’s single lender execution, market knowledge and flexible terms were the keys to awarding this business. CIT performed flawlessly. We are already working with them on other financing and look forward to continuing to grow our relationship."
MIM-Hayden Real Estate Funds is a commercial real estate investment firm co-founded by Hayden Real Estate Investments and Miller Investment Management in January 2010. The joint venture’s first fund, MIM-Hayden Real Estate Fund I, is a $108 million vehicle that primarily acquires and repositions office, industrial and mixed-use properties in the Mid-Atlantic region.