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CIT Provides $42.8MM Financing for Tampa Apartment Complex

June 18, 2021, 07:47 AM
Filed Under: Real Estate

CIT Group's Real Estate Finance business provided $42.8 million in financing for the acquisition of a recently built apartment complex in Tampa, Florida.
The 264-unit multifamily complex known as the Lola Apartments was completed in 2018. Amenities include elevators, a 24-hour fitness facility, clubhouse, game room and resort-style pool. The buyer is an affiliate of Asia Capital Real Estate (ACRE), an experienced owner-operator of multifamily residential properties.

"The Greater Tampa market is experiencing strong demand for rental housing and Lola Apartments is well-positioned to meet that demand," said ACRE Founding Partner Michael Van Der Poel. "We appreciated CIT's expertise and agility in arranging financing for this acquisition."

"We have worked with Asia Capital Real Estate before and are pleased to support their acquisition of this Class-A property with the right financing," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business.

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