Daily News: August 30, 2016

CIT Arranges $61.8MM in Acquisition Financing

CIT Real Estate Finance served as sole lead arranger and administrative agent for a $61.8 million senior secured credit facility to TNREF III Parkway JV, a joint venture between True North Management Group and Fulcrum Asset Advisors.

The financing will support the JV’s acquisition of three Class A office properties, totaling 480,000 square feet, located in Deerfield, IL, a northern suburb of Chicago. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.

The properties being acquired are 3 Parkway North, 6 Parkway North and 9 Parkway North, all located within the Parkway North Center Office Park, an 85.5-acre suburban office park consisting of six office buildings totaling approximately 1 million square feet, with a daycare center, a 250-room hotel and an apartment complex.

“True North and Fulcrum have many years of commercial real estate experience, which they will bring to their management of these three Parkway North properties,” said Chris Niederpruem, managing director of CIT Real Estate Finance. “We are pleased that we were able to use CIT’s financing abilities to assist them with the acquisition of these properties.”