CIT Group announced that its Real Estate Finance business provided a senior secured credit facility to bkm Capital Partners, an investment firm specializing in commercial and industrial real estate, to support a new acquisition in Las Vegas, Nevada.
bkm Capital Partners used the financing to acquire the $92 million Hughes Airport Center, a 13-building multi-tenant industrial complex strategically located in the highly sought after industrial pocket between McCarran International Airport, Interstate 15 and Interstate 215. The industrial park is the fifth Las Vegas acquisition by bkm, which is based in Newport Beach, Calif.
"This is a best-in-class asset, the largest of its scale in the Las Vegas airport submarket, and our firm's biggest transaction to date," Brian Malliet, co-founder and CEO of bkm Capital Partners. "We appreciated the expertise of CIT in helping arrange financing for this project."
"We are pleased to continue to build on our relationship with bkm Capital Partners by providing financing for their latest commercial real estate acquisition," said Matt Galligan, president of CIT's Real Estate Finance unit. "This transaction demonstrates how CIT's secure financing capabilities can help maximize value for real estate investors and developers."
CIT's Real Estate Finance unit 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