CIT PROVIDES $33M LOAN FOR PHILADELPHIA OFFICE PORTFOLIO BUY
PHILADELPHIA — CIT Real Estate Finance has arranged a $33 million senior secured credit facility to Exeter Property Group, a private equity real estate firm that acquires, develops and manages commercial properties across the U.S. The facility was used to finance a portfolio of seven office buildings in the suburbs of Philadelphia. CIT Bank, the U.S. commercial bank subsidiary of CIT, provided the financing. Terms of the transaction were not disclosed. This is CIT’s second transaction with Exeter Property Group this year. In March, CIT Real Estate Finance arranged a $62 million senior secured credit facility for the acquisition of industrial, distribution and R&D buildings in Mt. Olive, N.J.