CIT Provides $60 Million to RE Investment Firms
CIT Group announced that CIT Real Estate Finance provided a $60 million senior secured credit facility to a joint venture between Rockwood Capital and The Muller Company, two real estate investment firms.
Financing was provided by CIT Bank. Terms of the transaction were not disclosed.
Proceeds from the facility will be used to refinance existing debt and fund the renovations of Torrey Pines Court, a five-building Class A office campus consisting of 206,128 square feet situated on 9.24 acres directly adjacent to the 10th hole of the world famous Torrey Pines Golf Course in the La Jolla neighborhood of San Diego, CA.
“We’re pleased to provide this funding and establish these new relationships with Rockwood Capital and The Muller Company,” said Matt Galligan, President of CIT Real Estate Finance. “La Jolla offers some of California’s most scenic Pacific Ocean views along with convenient access to restaurants and retail shops, established residential communities and an excellent school system. This deal further demonstrates CIT’s ability to use our local real estate market expertise to create a tailored financing solution for our customers.”
Chris Niederpruem, managing director, CIT Real Estate Finance, added: “La Jolla is considered one of the nation’s leading office submarkets for biotech and life sciences research, led by the presence of the Scripps Research Institute, the Salk Institute for Biological Studies and the University of California, San Diego.”