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CIT Serves as Lead Arranger for $87 Million Financing of Self-Storage Portfolio
October 10, 2019
Source: CIT Group Inc.
CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance unit served as lead arranger on $87 million in financing for a portfolio of Storage Rentals of America-branded self-storage facilities.
The financing will be used by a fund managed by SROA Capital, LLC to recapitalize and refinance debt on a portfolio of 35 self-storage properties encompassing more than 14,000 storage units in three states: Ohio, Kentucky and Florida.
"Our portfolio of self-storage properties is geographically diverse and located in attractive markets," said Benjamin S. Macfarland III, CEO of SROA Capital, LLC. "We appreciated CIT's agility and expertise in developing a financing package that enables us to consolidate and refinance our debt on this property portfolio which puts us in a strong position to begin capital raise for SROA Capital Fund VIII, LP."
"Storage Rentals of America is well regarded as a leading manager of self-storage properties," said Chris Niederpruem, president of CIT's Real Estate Finance business. "We are pleased to support their growth with a financing package that helps them meet their business goals."
CIT's Real Estate Finance unit, part of its Commercial Finance division, originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the group provides financing for single properties, property portfolios and loan portfolios.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of June 30, 2019, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank, a division of CIT Bank, N.A. Discover more at cit.com/about.
John M. Moran