CIT’s real estate finance business provided $30 million for the acquisition of Madison Grove Apartments, a 171-unit multi-family complex located in the north Phoenix area between Piestewa Peak Park, AZ, and Scottsdale, AZ.
The borrower is an affiliate of Brass Enterprises, a privately-held real estate investment company focused on the acquisition, management and operation of multi-family real estate in select markets throughout the United States.
“Demand is strong for rental housing in the Phoenix market and this property is uniquely well positioned to offer attractive opportunities for residents,” Aryeh Berger, COO of Brass Enterprises, said. “We appreciated CIT’s expertise and agility in arranging financing for this acquisition.”
“Brass Enterprises is well known as a smart and experienced operator and investor in multi-family properties,” Chris Niederpruem, managing director and group head of CIT’s real estate finance business, said. “We were pleased to arrange this acquisition financing on their behalf and look forward to potential new opportunities to support their investments in the future.”
