CIT Provides Financing to Hillwood
CIT Group announced CIT Real Estate Finance provided a loan to Hillwood Investment Properties. The financing will be used to develop Trade Center 83, a 1.2 million-square-foot Class A warehouse distribution center on 95 acres in York County, PA. The center will be tilt-up construction and feature 50-foot x 56-foot typical column spacing, 36-foot ceiling clear heights, cross-dock configuration, 203 dock doors, high efficiency T-5 lighting and ESFR sprinklers. Financing was provided by CIT Bank. Terms were not disclosed.
“The demand for Class A industrial property in Central Pennsylvania is very strong,” said Matt Galligan, President of CIT Real Estate Finance. “With demand significantly outweighing the supply of investment grade industrial product in New Jersey, big-box tenants are finding it more cost effective to locate to Eastern and Central Pennsylvania, and the market is witnessing many requirements over 1 million square feet. This transaction highlights our ability to put our knowledge of financing commercial real estate assets to work for Hillwood Investment Properties.”
Steve Reedy, managing director of CIT Real Estate Finance, said, “The property is located in Manchester, Pennsylvania, at Exit 24 of I-83. The location of Trade Center 83, with easy access to I-78, I-83, I-81 and I-76, will make this center very attractive to both fulfillment and distribution tenants. The site is within a one-day drive of six of the ten largest U.S. markets and 60% of Canada’s population. The site is also very proximate to vital service providers including UPS, FedEx and the Norfolk-Southern Intermodal.”
Todd Platt, CEO of Hillwood Investment Properties, said, “Trade Center 83 is located at the crossroads of Central Pennsylvania’s I-78I-81 corridor and the BaltimoreWashington Mid-Atlantic Region. The property is served by the ports of Baltimore, Philadelphia and New Jersey and represents a complete solution for large footprint requirements in the heart of Central Pennsylvania. We are very pleased with our CIT financing solution and look forward to expanding our relationship.”