CIT Provides Financing to Exeter Property Group
CIT announced that CIT Real Estate Finance provided a $33 million senior secured credit facility to Exeter Property Group, a real estate private equity firm that acquires, develops and manages commercial properties across the U.S.
The facility was utilized to finance a portfolio of seven office buildings in the suburbs of Philadelphia, PA. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.
This is CIT’s second transaction with Exeter Property Group this year. In March, CIT Real Estate Finance arranged a $62 million senior secured credit facility for Exeter to acquire eight light industrial, distribution and R&D buildings in Mt. Olive, NJ and to finance five office buildings in Laurel, MD.
“These are desirable office properties that are well-located within the attractive northwest suburban Philadelphia market,” said Steve Reedy, managing director, CIT Real Estate Finance. “We are pleased to expand our relationship with Exeter as the firm continues to grow its portfolio.”
Exeter Property Group is a real estate private equity firm that acquires, develops, and manages commercial properties across the United States.