CIT’s real estate finance business provided $51 million in financing for the acquisition of the Oceana Apartments in Avondale, AZ, by 29^th Street Capital.

Oceana Apartments consists of 240 one-bedroom, two-bedroom and three-bedroom units.

Based in Chicago, 29^th 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.”

“29^th 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.”