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CIT Backs Innovatus Capital’s Acquisition of San Rafael Office Building

July 12, 2019, 08:45 AM
Filed Under: Real Estate
Related: CIT Group

CIT Group Inc. announced that its Real Estate Finance division provided $27.5 million in financing for the acquisition of 4040 Civic Center Drive, a multi-story office building in San Rafael, Calif.

The property, which was acquired by Innovatus Capital Partners LLC, is a five-story Class A office building encompassing more than 135,000 square feet of space. The building is certified as LEED Platinum for energy efficiency and sustainability. The building’s tenant base is a diverse group across multiple business sectors including shipping, retail, law and government.

“We are pleased to acquire 4040 Civic, an excellent asset in a highly desirable area that supports market expansion from the San Francisco bay area, and we look forward to working closely with our tenants to sustain long-term occupancy at the asset,” said Bradley Seiden, managing director of Innovatus. “We greatly appreciated CIT’s agility and expertise in arranging the financing needed to close this transaction.”

“CIT is active in financing commercial properties in major California markets," said Chris Niederpruem, group head of CIT's Real Estate Finance division.  “We were delighted to support Innovatus with our first financing for an acquisition in its expanding portfolio."

CIT's Real Estate Finance division originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the unit provides financing for single properties, property portfolios and loan portfolios.

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