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COLTON, CALIF. — CIT Group’s Real Estate Finance division has provided $48.2 million in senior secured financing for the acquisition and redevelopment of The District at Grand Terrace, a multifamily property located in Colton. The borrower, an investment fund managed by Tower 16 Capital Partners, previously announced its purchase of the property.
Situated on 15 acres, the property features 352 garden-style apartment units. The financing includes funding for interior and exterior renovations of the property.