CIT Group Inc. announced that its Real Estate Finance division provided $31 million in financing toward the acquisition and renovation of a multifamily building in Miami, Florida.
 
The property is being acquired through a joint venture between Mill Creek Residential and Rockwood Capital. The building is a 20-story, 166-unit multifamily building in Miami's Health District.

"The property offers the unique opportunity to invest, with a best-in-class partner, in a Class-A cash-flowing asset with renovation, development and operational upside," said David Streicher, of Rockwood. "In considering financing, we turned to CIT for their market knowledge, experience and expertise to help move this project forward."

"We are pleased to provide financing to support the acquisition and renovation of this large residential property," said Chris Niederpruem, managing director and Eastern group head for CIT's Real Estate Finance division. "This transaction is another demonstration of the value that CIT's financing capabilities provide for real estate investors and developers."