CIT’s real estate finance business provided $35.6 million for the acquisition of two multifamily residential properties in the North Shore area of Massachusetts. The name of the borrower was not disclosed.
The two properties, the Heights at Haverhill in Haverhill, MA, and the Thorndike Exchange in nearby Lowell, MA, comprise 107 residential rental units with accompanying office and retail space on the ground floor.
“These multifamily and mixed-use properties are well located in attractive neighborhoods with ready access to transportation corridors and services,” Chris Niederpruem, managing director and group head for CIT’s real estate finance business, said. “We worked closely with our client to understand their requirements and deliver a financing package to help reach their business objectives.”
