Daily News: January 15, 2013

CIT Provides Financing for Kushner Companies

CIT announced that CIT Real Estate Finance arranged a first lien term loan for Kushner Companies, a diversified real estate company headquartered in New York City.

The financing will be used to renovate a 1,000-unit residential apartment complex in the Northeast. Financing was provided by CIT Bank, the U.S. commercial bank and subsidiary of CIT. Terms of the transaction were not disclosed.

“We’re extremely pleased to provide this financing to the Kushner Companies,” says Matt Galligan, group head of CIT Real Estate Finance. “We’re excited about building a relationship with this successful real estate firm.”

New York, NY-based Kushner Companies is a diversified real estate organization involved in the ownership, management, development and redevelopment of numerous properties. The company’s national reach consists of more than 13,000 multifamily apartments as well as 7 million square feet of office, industrial and retail space throughout New York, New Jersey, Pennsylvania and Illinois.