CIT Group announced that CIT Real Estate Finance provided a $21.5 million senior secured loan to Normandy Real Estate Partners, a leading real estate operator and fund manager based in Morristown, NJ. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
Proceeds from the facility will be used to refinance the Westford Corporate Center, located in Westford, Massachusetts and to fund tenant improvements to the property. Normandy recently extended the lease and expanded the space for its anchor tenant Cynosure, Inc., a leading developer and manufacturer of light-based aesthetic and medical treatment centers. Located 25 miles northwest of Boston, the property serves as Cynosure’s world headquarters.
“This transaction highlights our continued efforts to meet the financing needs of our middle market commercial real estate clients in a way that positions them for success,” said Matt Galligan, president of CIT Real Estate Finance. “Normandy has been extremely active in the Greater Boston area, where it owns or manages more than 30 commercial properties. We look forward to building on this relationship.”
Steve Reedy, managing director of CIT Real Estate Finance, added, “Many of Normandy's holdings in the Boston area are in primary suburban markets along the Route 128 and I-495 corridors. These crucial highways provide access to the outer ring of the Boston suburbs and are a popular place for a corporation like Cynosure to locate its business outside of the city. We’re pleased to put our expertise and experience to work for Normandy.”
Joseph Adamo, principal of Normandy Real Estate Partners, said, “These two buildings in Westford, Massachusetts sit on 18 acres and have over 500 parking spots located throughout the campus. With local amenities and a central location to major transportation corridors, we’re pleased to expand our relationship with Cynosure as an anchor tenant. CIT’s expertise, speed and flawless execution helped close this transaction. We’re looking forward to working with Matt and his team again.”
Normandy Real Estate Partners is a leading real estate operator and investment manager headquartered in Morristown, NJ, with offices in Boston, New York City and Washington, D.C. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments. Normandy’s existing portfolio includes over 15 million square feet of commercial assets, four hotels and numerous land development sites. Normandy targets value added real estate investments in the gateway markets of Boston, Metro New York City, Los Angeles, San Francisco and Washington, D.C. where opportunities exist to enhance value through creative repositioning, financial restructuring, intensive management, and capital improvements. normandyrealty.com
Founded in 1908, CIT is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals.