CIT Real Estate Finance arranged a first lien term loan for Kushner Companies, a diversified real estate company headquartered in New York City. The financing will be used to renovate a 1,000-unit residential apartment complex in the Northeast. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“We’re extremely pleased to provide this financing to the Kushner Companies,” says Matt Galligan, group head of CIT Real Estate Finance. “We’re excited about building a relationship with this successful real estate firm.”
Jared Kushner, president and CEO of the Kushner Companies, says, “CIT’s skilled team and deep industry expertise enabled them to quickly complete this transaction, which allows us to continue the turnaround of another long-term investment property.”
Kushner Companies is a diversified real estate organization headquartered in New York City. The company is involved in the ownership, management, development and redevelopment of numerous properties. The Kushner Companies’ national reach consists of more than 13,000 multifamily apartments as well as 7 million square feet of office, industrial and retail space throughout New York, New Jersey, Pennsylvania and Illinois.