Daily News: July 10, 2013

CIT Serves as Lead Arranger in Garrison Financing

CIT said it provided a $42 million senior secured loan to Garrison Investment Group, a middle-market credit, asset-based and real estate investor located in New York City. The facility will be used to purchase seven community shopping centers in Ohio. This is the second transaction that CIT has completed with Garrison this year — the first was for $35.7 million for 12 community and neighborhood shopping centers, also based in the Midwest.

CIT Real Estate Finance served as lead arranger for the transaction. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.

“Our value is that we listen to and understand our clients’ needs and we are able to structure creative financing solutions for our borrowers,” said Steve Reedy, managing director of CIT Real Estate Finance. “This recent acquisition, coupled with a similar purchase by Garrison earlier this year, further expands and diversifies their portfolio and positions the firm well for further success.”

“This is the second deal with CIT’s Corporate Real Estate team this year,” said Nathan Bagnaschi, vice president of Garrison Investment Group. “Their deep industry expertise and ability to provide solid, timely financing solutions is the reason we enjoy doing repeat business with CIT.”