CIT Provides Financing to Normandy Real Estate Partners
CIT Group announced that CIT Real Estate Finance provided a $21.5 million senior secured loan to Normandy Real Estate Partners. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.
Proceeds from the facility will be used to refinance the Westford Corporate Center, located in Westford, MA, and to fund tenant improvements to the property. Normandy recently extended the lease and expanded the space for its anchor tenant Cynosure, a developer and manufacturer of light-based aesthetic and medical treatment centers. Located 25 miles northwest of Boston, the property serves as Cynosure’s world headquarters.
“This transaction highlights our continued efforts to meet the financing needs of our middle market commercial real estate clients in a way that positions them for success,” said Matt Galligan, president of CIT Real Estate Finance. “Normandy has been extremely active in the Greater Boston area, where it owns or manages more than 30 commercial properties. We look forward to building on this relationship.”
Steve Reedy, managing director of CIT Real Estate Finance, added, “Many of Normandy’s holdings in the Boston area are in primary suburban markets along the Route 128 and I-495 corridors. These crucial highways provide access to the outer ring of the Boston suburbs and are a popular place for a corporation like Cynosure to locate its business outside of the city. We’re pleased to put our expertise and experience to work for Normandy.”
Joseph Adamo, principal of Normandy Real Estate Partners, said, “These two buildings in Westford, Massachusetts sit on 18 acres and have over 500 parking spots located throughout the campus. With local amenities and a central location to major transportation corridors, we’re pleased to expand our relationship with Cynosure as an anchor tenant. CIT’s expertise, speed and flawless execution helped close this transaction. We’re looking forward to working with Matt and his team again.”