CIT arranges $66m financing for acquisition of industrial properties

CIT Group arranges $66m financing for acquisition of industrial properties

CIT Group’s Real Estate Finance business, part of its Commercial Finance division, has arranged $66 million in financings on behalf of BKM Capital Partners, a real estate fund manager, for the acquisition of three commercial real estate properties that part of a larger 11-property industrial portfolio in Arizona, California and Washington.

Property transactions financed through CIT included:

  • Vista Tech Center, a 54-unit multi-tenant industrial property in Vista, California.
  • Broadwood Business Park, a four-building, 34-unit multi-tenant industrial property in Mesa, Arizona.
  • Hohokam 10E, an 82-unit multi-tenant industrial property in Tempe, Arizona.

“We were pleased to work with CIT yet again for these financings as we continue to focus on acquiring well-positioned properties in strong growth markets,” said Brett Turner, BKM Capital Partners Managing Director of Acquisitions. “CIT’s agility and understanding of our niche investment strategy has made it easy to continue to work with them, particularly on complex transactions with multiple properties requiring certainty of execution in an expedited time frame.”

“BKM continues to enhance its reputation as a leader in acquiring and enhancing multi-tenant industrial properties in attractive locations with solid market and property level fundamentals,” said Chris Niederpruem, managing director and group head for CIT’s Real Estate Finance business.

CIT has worked with BKM on multiple financings in the past, most recently closing on a $50 million financing for BKM’s acquisition of industrial properties in San Diego, California. CIT is also providing a variety of treasury and cash management services in connection with the financings.