CIT backs acquisition of The Quay Florida
CIT Group Inc. announced that its Real Estate Finance division has provided $28.6 million in acquisition financing for The Quay on 17th Street.
The Quay is a shopping center in Fort Lauderdale, Florida. The property is being acquired by a joint venture managed by Mast Capital. It is fully occupied by multiple tenants, including the popular Boatyard restaurant.
Matthew Adler, chief investment officer of Mast Capital, said, “We are excited about the potential of the center. CIT had the agility and expertise to develop the financing package we needed to facilitate this acquisition.”
Chris Niederpruem, managing director and East Coast head for CIT’s Real Estate Finance division, said, “Strong economic fundamentals in the Fort Lauderdale region make this an attractive target for retail investment. We were pleased to work with our clients, who are experienced real estate owners and operators, to bring this transaction to a successful conclusion.”
CIT’s Real Estate Finance division 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.
Source: Pe Hub
Fulya Altunyay/[email protected]