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CIT Provides $35.6MM for Acquisition of Two Massachusetts Residential Complexes

April 01, 2022, 07:44 AM
Filed Under: Real Estate

CIT, a division of First Citizens Bank, announced that its Real Estate Finance business provided $35.6 million for the acquisition of two multifamily residential properties in the North Shore area of Massachusetts.
The Heights at Haverhill, located in Haverhill, Massachusetts, and the Thorndike Exchange in nearby Lowell, Massachusetts, comprise 107 residential rental units with accompanying office and retail space on the ground floor. The name of the borrower was not disclosed.

"These multifamily and mixed-use properties are well located in attractive neighborhoods with ready access to transportation corridors and services," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business. "We worked closely with our client to understand their requirements and deliver a financing package to help reach their business objectives."

CIT Real Estate Finance, part of the Commercial Finance group, 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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