CIT Northbridge Serves as Sole Lead Arranger on $25 Million Credit Facility for F Street Investments

NEW YORK — Aug. 11, 2021 — CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $25 million credit facility for F Street Investments LLC, a lender to real estate investors and developers.

Based in Milwaukee, Wisconsin, F Street Investments LLC is part of the F Street Group, an investment company that includes a number of industry verticals, including real estate, hospitality, lending, and emerging markets.

“The housing market has strong fundamentals that should remain attractive for investment and development for years to come,” said Scott Lurie, CEO and founder of F Street Group. “We appreciated the expertise and agility of the CIT Northbridge team in arranging the financing to support our operations and empower us to continue serving our clients.”

“F Street is an experienced lender to real estate investors and developers throughout the upper Midwest,” said Neal Legan, who leads CIT Northbridge. "We worked closely with the company's leadership to understand their needs and develop a financing package that advances their business strategy."

CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by CIT Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.

About CIT

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 and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

Associa Announces $1.27 Billion Senior Secured Credit Facility

Dallas, TX, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Associa, the industry’s largest community management company, announced a new $1.27 billion senior secured credit facility. The financing was led by Owl Rock, a Division of Blue Owl. Blue Owl is a $52 billion leading alternative asset management platform.

The company intends to use the capital to refinance an existing credit facility and to fund general corporate purposes and continued M&A. The new facility also includes a revolver and delayed draw term loans.

Jose Bosco Maldonado, CFO of Associa, said: “This transaction provides us with increased financial flexibility to support our key growth initiatives and enables us to better execute on our corporate strategy and continued M&A. We are pleased to open a new chapter with Owl Rock, whose strong understanding of our underlying business has made them an ideal financing partner.”

Scott Turco, Managing Director at Owl Rock, a Division of Blue Owl, said: “We are thrilled to expand our longstanding partnership with Associa. John Carona and the management team are true industry trailblazers and this transaction will provide them the liquidity they need to further accelerate their growth. We look forward to seeing the company’s continued success over the coming years.”

About Associa

With more than 200 branch offices across North America, Associa delivers unsurpassed management and lifestyle services to nearly five million residents worldwide. Our 10,000+ team members lead the industry with unrivaled education, expertise and trailblazing innovation. For more than 40 years, Associa has provided solutions designed to help communities achieve their vision. To learn more, visit www.associaonline.com.

Contact Data

Ashley Cantwell
Associa
214-272-4107
acantwell@associaonline.com