CIT’s real estate finance business provided $51 million in financing for the acquisition of the Oceana Apartments in Avondale, AZ, by 29th Street Capital.
Oceana Apartments consists of 240 one-bedroom, two-bedroom and three-bedroom units.
Based in Chicago, 29th Street Capital is an investor, manager and developer of multifamily properties in the United States.
“We were pleased to add Oceana Apartments to our portfolio of top-tier multifamily residential properties in Arizona,” Dusty Eddy, senior vice president of acquisitions in the Southwest for 29th Street Capital, said. “We appreciated CIT’s expertise and agility in arranging a financing package for our transaction.”
“29th Street Capital has an excellent reputation for multifamily investment and development with a multibillion-dollar portfolio of properties,” Chris Niederpruem, managing director and group head for CIT’s real estate finance business, said. “We were pleased to arrange financing for this acquisition.”
