CIT Group Inc. announced that CIT Real Estate Finance provided a $19 million senior secured loan to Hayden Maguire Real Estate Fund I, LP, a commercial real estate investment fund that acquires and repositions office, industrial and mixed-use properties in the Mid-Atlantic region. The financing was used to acquire 1200 Atwater Drive, a two-story, 152,000-square-foot, Class A office building located in Malvern, 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 second transaction that CIT has completed on behalf of Hayden Real Estate Investments in 2014 and CIT’s fourth transaction in the suburban Philadelphia office market in the past year. Earlier transactions include Five Tower Bridge, an eight-story, Class A office tower located in West Conshohocken; a six-building, 200,000-square-foot office park in Conshohocken and an 89,000-square-foot, Class A office building in Malvern.
“We’re thrilled to provide financing in support of Hayden Maguire’s acquisition of this property in a very attractive Philadelphia suburb,” said Matt Galligan, President of CIT Real Estate Finance. “This transaction highlights our ability to put our knowledge of financing commercial real estate assets to work for Hayden Maguire and support growth within their Class A office portfolio.”
Steve Reedy, Managing Director of CIT Real Estate Finance, said, “Malvern is a build-to-suit market with no new speculative construction on the horizon. Class A properties such as 1200 Atwater continue to be in favor in the suburban Philadelphia market. This property benefits from modern amenities, energy efficiency and a very attractive location with immediate access to a Pennsylvania Turnpike interchange and Route 29.”
Anthony J. Hayden, Managing Director of Hayden Maguire Real Estate Investments, said, “The closing of this acquisition provides us with solid market coverage as we now have properties along three Pennsylvania Turnpike exits in suburban Philadelphia. Since closing we have leased 36,000 square feet, bringing the property to full occupancy. We are pleased to have closed a second financing deal with CIT within the past 30 days. We continue to be impressed with CIT’s knowledge of the market and appreciate their speed and reliability.”
Hayden Real Estate Investments is a privately held commercial real estate investment firm that plays a key role in the Mid-Atlantic Region acquiring office, industrial and mixed-use properties, improving, repositioning and professionally managing them for future sale.
Founded in 2000, CIT Bank is the U.S. commercial bank subsidiary of CIT Group Inc. It provides lending and leasing to the small business, middle market and transportation sectors.
Founded in 1908, CIT is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle-market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals.