CIT named Randy Lederman a managing director for business development activities across the Northeast for CIT Northbridge Credit. Based in New York, Lederman will be responsible for sourcing new asset-based loan opportunities from $15 million to $150 million.
CIT’s power and energy business arranged $88 million in financing for a 173-megawatt standalone merchant battery storage facility in Texas. Siemens Financial Services participated as joint lead arranger in the financing.
First Citizens Bank completed its conversion from OneWest Bank to First Citizens’ operations and systems division. This conversion integrates OneWest Bank customer accounts into First Citizens products and services.
CIT’s healthcare finance business served as sole lender on a $22 million loan to AZ Banner Investments, which is managed by Webb Management & Investments. AZ Banner Investments used the loan to refinance a three-story medical office building in Chandler, AZ.
CIT’s maritime finance business served as sole lead arranger on up to $30.5 million in financing to expand Lomar Shipping’s portfolio of dry bulk vessels.
CIT’s real estate finance business provided $30 million for the acquisition of Madison Grove Apartments, a 171-unit multi-family complex located in the north Phoenix area, by Brass Enterprises.
CIT’s power and energy business served as coordinating lead arranger on $714 million in financing for a portfolio of thermal generation assets in California. The proceeds will be used to refinance a 1.8-gigawatt portfolio managed by Middle River Power.
Origis Energy, a renewable energy platform, closed a $375 million credit facility for its solar and energy storage development project pipeline.
CIT’s capital equipment finance business named Eric Smith a business development officer for the western region. Smith has more than 25 years of experience developing equipment-based financial solutions across a range of industries and financial sales.