Daily News: January 30, 2013

CIT Provides Financing to Metropolitan Properties of America

CIT said that CIT Real Estate Finance arranged a $26 million senior secured term loan for Metropolitan Properties of America (MPA), a full-service real estate investment firm based in Boston. The financing will be used to recapitalize and renovate two multi-family high rise apartment buildings in The River Oaks district of Houston, TX. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.

“We are pleased to provide this financing to Metropolitan Properties of America that will further assist them in the renovation of their River Oaks properties,” said Matt Galligan, group head of CIT Real Estate Finance.

Steve Reedy, managing director of CIT Real Estate Finance, added, “This deal further demonstrates CIT’s ability to apply our industry expertise and capital to successfully support the growth objectives of our clients.”

Jeffrey Cohen, chief executive officer of MPA, said, “This financing allows us to continue improving our River Oaks properties. CIT’s deep expertise and their relationship-oriented approach to the transaction gave us the support we needed to complete this financing. We look forward to continuing to build our relationship with CIT as we execute on future investment properties.”