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CIT Provides $37.2MM Financing for Distribution Facility in Pittsburgh

April 14, 2022, 07:34 AM
Filed Under: Real Estate

CIT, a division of First Citizens Bank, announced that its Real Estate Finance business provided a $37.2 million loan to Aminim Group to finance the acquisition of a bulk distribution facility in Pittsburgh, Pennsylvania.
The industrial distribution facility comprises more than 510,000 square feet and is located near Downtown Pittsburgh and several main interstate highways. The facility is fully leased to two tenants, and Nogin, and serves as one of Amazon's two sortation facilities located in the market.

"Given its optimal location, the facility is well-positioned to provide logistical connectivity to over 800,000 consumers within a 30-minute drive and major population centers across the Mid-Atlantic," said Nir Kriel, CEO of Aminim Group and the Apexus Logistics discretionary fund. "We've previously partnered with CIT and are again pleased by the expertise and agility they demonstrated in arranging financing for this acquisition."

Aminim Group is a privately held, commercial real estate investment company based in Houston, Texas and Jerusalem, Israel. Since its establishment in 1996, the company has purchased over two million square feet of logistics, industrial and other commercial space in the U.S., Canada and Europe.

"Aminim Group is well-known for its successful real estate investments across the country," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business. "We were pleased to again work with Aminim Group to arrange financing for the acquisition of this facility and look forward to additional opportunities to support their future investments."

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