CIT Real Estate Finance has supplied a $44.7 million senior secured loan to Garrison Investment Group, a middle market asset-based and real estate investor. The loan is secured by a portfolio of 11 shopping centers located in Ohio and Indiana.
Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“CIT has remained a strong financial partner over the past several years as we’ve built our commercial property portfolio,” said Nathan Bagnaschi, director of Garrison Investment Group. “The properties in this portfolio are located close to major transportation arteries and have a high rate of occupancy and diversified retail tenants. CIT’s knowledge of commercial real estate enabled them to see the strength of this portfolio and to structure a flexible financing solution that met our needs. We look forward to further collaborating with CIT on future transactions.”
“Our common focus on the middle market makes Garrison and CIT excellent partners,” said Steve Reedy, managing director of CIT Real Estate Finance. “This transaction is another great opportunity to expand our relationship and again put our real estate expertise to work on behalf of Garrison’s investors to finance a solid portfolio of retail assets that are supported by a variety of tenants including well known national and regional retailers.”