Daily News: February 14, 2014

CIT Arranges $42.8MM Financing for Garrison Investment

CIT Real Estate Finance said it served as lead arranger for a $42.8 million senior secured loan to Garrison Investment, a middle-market, asset-based and real estate investor located in New York City. The loan is secured by a suburban office portfolio located in Greenville, SC. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.

“This is the third transaction with Garrison in the last year and highlights our ability to build relationships based on our deep industry expertise,” said Steve Reedy, managing director, CIT Real Estate Finance. “These properties are in a prime location within the Greenville market and have a superior roster of Tier-1 tenants. We focus on creating innovative financial structuring solutions for our middle market real estate clients and look forward to further developing our relationship with Garrison.”

Nathan Bagnaschi, vice president of Garrison Investment, said, “These properties feature two of the most prominent Class A business parks in the region and provide large blocks of space to tenants in the Greenville area, which are scarce. The parks are in close proximity to Greenville/Spartanburg International Airport, and the location offers excellent access and visibility from major highway interchanges. We appreciate the knowledge and expertise of CIT’s commercial real estate team and its proven ability to structure and complete financing transactions in a timely and efficient manner.”