CIT Provides Financing to Bridge Development Partners
June 18 2015 - 7:30AM
Business Wire
- Financing Supports Construction of a
263,000-square-foot Class A Industrial Distribution Building
Located in Union, NJ
CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of
commercial lending and leasing services, today announced that CIT
Real Estate Finance provided a $20.1 million senior secured
construction loan to Chicago-based Bridge Development Partners, a
privately owned commercial real estate firm that develops and
acquires industrial and office assets in Illinois, New Jersey,
California and Florida. Financing was provided by CIT Bank, the
U.S. commercial bank subsidiary of CIT. Terms of the transaction
were not disclosed.
Bridge Development will use the loan to construct a
263,415-square-foot Class A distribution building in Union, NJ. The
property will have 36-foot ceiling clear heights, a single loading
dock configuration with 50 exterior dock doors, two drive-in doors,
high efficiency T-5 lighting and an Early Suppression Fast Response
(ESFR) sprinkler system. The property will also feature 73 trailer
positions (expandable by an additional 38 positions) and 153 car
parking spaces.
Jeff Milanaik, Principal of Bridge Development Partners, said,
“We’re excited to begin construction of this Class A property which
furthers our continued expansion on the East Coast. New Jersey is a
leading destination for businesses coveting centrally located
industrial space along the northeast seaboard. This
state-of-the-art facility will be located within 4 miles of the
Newark Liberty International Airport and the New Jersey Turnpike,
and within 6 miles of the NY/NJ Port, with direct access from both
I-78 and the Garden State Parkway. We value CIT’s market knowledge
and ability to timely complete this transaction.”
Matt Galligan, President of CIT Real Estate Finance, said, “We
like the New Jersey industrial market as it is favorably positioned
with easy access to New York City and serves as a central location
between Boston and Washington DC. We’re pleased to provide this
financing to Bridge Development Partners and look forward to their
continued growth on the East Coast.”
Steve Reedy, Managing Director of CIT Real Estate Finance, said,
“Activity at the Port of NY/NJ remains strong. Stabilized demand
and strong market fundamentals continue to drive confidence in NJ’s
industrial market and growth within the Port submarket. We are
pleased to put our commercial real estate expertise and knowledge
to work for Bridge Development Partners and look forward to
expanding this relationship.”
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About Bridge Development Partners
Bridge Development Partners, LLC is a privately owned firm
focused on the development and acquisition of industrial and office
real estate in the Chicago, South Florida, Los Angeles and Northern
New Jersey regions. Bridge develops investment-grade buildings and
business parks, and acquires existing Class A and Class B
properties that provide opportunities to add value. Since its
inception in 2000, Bridge has successfully acquired and developed
more than 9 million square feet of office and industrial
buildings/projects valued at more than $850 million. In 2012, the
company formed a strategic joint venture with Dallas-based Akard
Street Partners, L.P., an investment partnership operated by Hunt
Realty Investments, Inc. bridgedev.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is
the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE:
CIT). It provides lending and leasing to the small business, middle
market and transportation sectors. CIT Bank (BankOnCIT.com) offers
a variety of savings options designed to help customers achieve
their financial goals. As of March 31, 2015, it had more than $16
billion of deposits and more than $21 billion of assets.
cit.com/CITBank
About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company
with more than $35 billion in financing and leasing assets. It
provides financing, leasing and advisory services principally to
middle market companies across more than 30 industries primarily in
North America, as well as equipment financing and leasing solutions
to the transportation industry worldwide. Its U.S. commercial bank
subsidiary, CIT Bank (Member FDIC) BankOnCIT.com, offers a variety
of savings options designed to help customers achieve their
financial goals. cit.com
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CIT MEDIA RELATIONS:C. Curtis Ritter, 973-740-5390Senior
Vice President of Corporate CommunicationsCurt.Ritter@cit.comorMatt
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RelationsMatt.Klein@cit.comorCIT INVESTOR RELATIONS:Barbara
Callahan, 973-740-5058Senior Vice
PresidentBarbara.Callahan@cit.com
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