First Citizens Bank is extending its brand to cover numerous commercial business verticals that previously fell under its CIT division, including nearly all of the businesses within CIT’s commercial finance group.
First Citizens Bank’s asset-based lending group, part of the CIT division, provided a revolving credit facility to Signature Brands, a Ocala, FL-based provider of dessert decoration and seasonal celebration products.
First Citizens Bank named Jim Hudak president of its CIT Commercial Finance group. Hudak has more than 20 years of experience as a commercial finance executive and previously oversaw CIT’s commercial finance businesses from 2008 to 2019.
J.Jill completed the refinancing of its asset-based revolving credit facility, which was previously set to expire in May 2024. The new facility comes in the form of the sixth amendment to the ABL credit agreement with CIT as the administrative and collateral agent.
Origis Energy closed an upsizing amendment to its development finance facility, doubling capacity to $750 million. With enhanced flexibility and increased capacity, the credit facility will support further expansion of its solar and energy storage project pipeline.
First Citizens Bank’s maritime finance business, part of the bank’s CIT division, served as sole lead arranger on $44.2 million in debt financing secured by product tankers for Navios Maritime Partners, which will use proceeds from the financing to refinance existing debt.
The healthcare finance business of CIT provided $27.8 million to a joint venture between Kayne Anderson Real Estate and Remedy Medical Properties for the acquisition of a surgical hospital and medical office building portfolio located in Wichita, KS.
NineDot Energy, a developer of community-scale clean energy projects, closed on a new $85 million construction-to-term debt facility. Provided by CIT and SMBC, the facility supports the construction and operation of 11 battery storage sites.
The asset-based lending business of CIT, a division of First Citizens Bank, provided a $35 million revolving credit facility to Utopia Deals.