CIT Group Inc. announced that CIT Real Estate Finance provided a $44.7 million senior secured loan to Garrison Investment Group, a leading middle market asset-based and real estate investor. The loan is secured by a portfolio of 11 shopping centers located in Ohio and Indiana. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“CIT has remained a strong financial partner over the past several years as we’ve built our commercial property portfolio,” said Nathan Bagnaschi, Director of Garrison Investment Group. “The properties in this portfolio are located close to major transportation arteries and have a high rate of occupancy and diversified retail tenants. CIT’s knowledge of commercial real estate enabled them to see the strength of this portfolio and to structure a flexible financing solution that met our needs. We look forward to further collaborating with CIT on future transactions.”
Matthew Galligan, President of CIT Real Estate Finance, said, “We are pleased to have completed another transaction with Garrison. This transaction, our fourth, reflects our commitment to meeting the financing needs of our middle market customers.”
Steve Reedy, Managing Director of CIT Real Estate Finance, said, “Our common focus on the middle market makes Garrison and CIT excellent partners. This transaction is another great opportunity to expand our relationship and again put our real estate expertise to work on behalf of Garrison’s investors to finance a solid portfolio of retail assets that are supported by a variety of tenants including well known national and regional retailers.”
Garrison Investment Group LP and its affiliates are an alternative investment and asset management firm founded in March 2007 and headquartered in New York. Garrison has approximately $4.2 billion of committed and invested capital under management and a team of 82 employees, including 48 investment professionals with investments across corporate finance, real estate and structured finance.