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CIT Arranges $26MM Financing for West Palm Beach Industrial Portfolio

August 25, 2021, 07:28 AM
Filed Under: Real Estate

CIT Group's Real Estate Finance business served as sole lead arranger on a $26 million loan for the acquisition of a three-building portfolio of industrial buildings in West Palm Beach, Florida.
The properties comprise nearly 200,000 square feet of industrial space across more than 11 acres on West Palm Beach's North Florida Mango Road, in close proximity to Interstate 95, the Florida Turnpike and West Palm Beach International Airport. The property was acquired by an entity managed by Alliance HP, a leading real estate investor across the Eastern U.S.

"The West Palm Beach market is a growing hub for commercial activity and this portfolio is well-positioned to support that growth with superb facilities close to major transportation corridors and infrastructure," said Peter D. Derrico of Alliance HP. "We greatly appreciated CIT's expertise and agility in arranging the financing for this strategic acquisition."

"Alliance HP has a well-earned reputation for recognizing commercial real estate opportunities and leasing properties to their full potential," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business. "We were pleased to assist in financing this acquisition and look forward to future occasions to support the growth of their portfolio."

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