CIT Arranges $25MM Financing for National Resources
CIT Group announced CIT Real Estate Finance arranged a $25 million senior secured loan for National Resources, a real estate and investment firm focused on redeveloping corporate and industrial sites. The financing will be used to develop The Lofts at Edgewater Harbor, a 150 residential condo complex in Edgewater, NJ overlooking the Hudson River. Financing was provided by CIT Bank, a wholly-owned subsidiary of CIT. Terms of the transaction were not disclosed.
“We’re extremely pleased to provide this financing to National Resources that will assist them in the development of The Lofts,” said Matt Galligan, group head of CIT Real Estate Finance. “This transaction underscores our commitment to provide financing to our clients looking to build their real estate portfolios.”
Joseph Cotter, principal of National Resources, said, “This financing will allow us to transform this former industrial site into a vibrant community of residential homes, shops and restaurants. CIT’s deep industry experience and skilled team was able to quickly complete this transaction which will allow us to begin construction on the next phase of this project.”
Formerly the site of Unilever’s Research and Development Headquarters, the land is being transformed into Edgewater Harbor, a 24-acre mixed use site this is destined to become a landmark for its architecture, commitment to green design and destination waterfront location.