Today, CIT Group Inc. publicized that it provided Garrison Investment Group with US$42 million senior guaranteed loan. CIT Group Inc. was the world's primary provider of funding and advisory services to small companies and middle market businesses. Conversely, Garrison Investment Group was the foremost middle market credit, asset based and real estate capitalist based in New York City.
The financing would be used to buy seven of Ohio's community shopping centers. The said deal would be CIT's second contract with Garrison for this year. Their first transaction was worth US$35.7 million for Midwest-based community and neighbourhood shopping centers. Around 12 malls were funded that time by CIT.
The Lead Arranger for the deal was CIT Real Estate Finance. The US commercial bank auxiliary of CIT, CIT Bank, financed the deal. However, the terms of the agreement were not revealed.
"Our value is that we listen to and understand our clients' needs and we are able to structure creative financing solutions for our borrowers," Managing Director of CIT Real Estate Finance, Steve Reedy, stated. "This recent acquisition, coupled with a similar purchase by Garrison earlier this year, further expands and diversifies their portfolio and positions the firm well for further success."
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