CIT Provides $41 Million in Financing to Menin Development
18 May 2015 - 10:30PM
Business Wire
- Financing Supports Menin’s PGA Plaza
Shopping Center, a 120,000 Square-Foot Retail Center Located in
Palm Beach Gardens, Florida
- PGA Plaza Recently Received Substantial
Upgrades and New Retail Space
- Features Include a Comprehensive Facade
Renovation and Substantial Site Improvements, Including an Upgraded
Parking Lot and Landscaping
CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of
commercial lending and leasing services, today announced that CIT
Real Estate Finance provided a $41 million senior secured credit
facility to Menin Development, a privately held owner, developer
and manager of commercial real estate in the Southeast United
States. Menin Development will use the facility to refinance PGA
Plaza Shopping Center in Palm Beach Gardens, Florida. Financing was
provided by CIT Bank, the U.S. commercial bank subsidiary of CIT.
Terms of the transaction were not disclosed.
In November 2013, CIT provided $26 million in financing to a
joint venture headed by Menin Development to support the renovation
of PGA Plaza. PGA Plaza received substantial improvements and
created an additional 5,646 square feet of retail space, including
the addition of new anchors Trader Joe’s and Ulta. Other features
included a completely re-designed building facade, an upgraded
parking lot, landscaping, site lighting and signage, which
dramatically improved the shopping center’s traffic, appeal and
visibility.
Craig Menin, founder of Menin Development, said: “We’re proud of
the substantial repositioning and upgrades PGA Plaza recently
underwent. From the new construction to the redesigned landscaping,
which increases the center’s visibility from PGA Boulevard, we’ve
improved our occupancy rates and the overall tenant profile at the
center. CIT’s Commercial Real Estate team has been nothing short of
exemplary in their service, skill and depth of knowledge through
both of our recent financings. We look forward to growing this
relationship.”
Matt Galligan, President, CIT Real Estate Finance, added: “Palm
Beach Gardens is a great submarket of Palm Beach with above-average
demographics and household wealth. The population is growing again
as local firms begin sustained hiring for the first time since the
recession. We’re able to provide this additional round of financing
due to our extensive knowledge in the sector and the strong
relationship we built with Menin Development.”
Meggan Walsh, Managing Director and Deputy Group Head, CIT Real
Estate Finance, added: “Craig Menin and his team have positioned
PGA Plaza to capitalize on strong rent growth that is expected to
last through 2019 as leases signed during the downturn are coming
up for renegotiation. We’re pleased we could close this transaction
in a fast and efficient manner.”
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About Menin Development
Menin Development, Inc., headquartered in Palm Beach, Florida,
is a privately held owner, developer and manager of commercial real
estate properties. Menin is the developer and owner of over $1
billion of prime retail properties throughout South Florida and the
West Coast and has a current portfolio of existing, high-quality
community and grocery-anchored centers, single tenant retail
buildings and high street retail holdings as well as another 2.1
million square feet under development. The company was founded
by Craig Menin in 1985.
menindevelopment.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is
the U.S. commercial bank subsidiary of CIT Group
Inc. (NYSE:CIT). It provides lending and leasing to the small
business, middle market and transportation sectors. CIT Bank
(BankOnCIT.com) offers a variety of savings options designed to
help customers achieve their financial goals. As of March 31, 2015,
it had more than $16 billion of deposits and more than $21 billion
of assets. cit.com/CITBank
About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company
with more than $35 billion in financing and leasing assets. It
provides financing, leasing and advisory services principally to
middle market companies across more than 30 industries primarily in
North America, as well as equipment financing and leasing solutions
to the transportation industry worldwide. Its U.S. commercial bank
subsidiary, CIT Bank (Member FDIC) BankOnCIT.com, offers a variety
of savings options designed to help customers achieve their
financial goals. cit.com
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version on businesswire.com: http://www.businesswire.com/news/home/20150518005271/en/
CIT Group Inc.CIT MEDIA RELATIONS:C. Curtis Ritter,
973-740-5390Senior Vice President of Corporate
CommunicationsCurt.Ritter@cit.comorMatt Klein,973-597-2020Vice
President, Media RelationsMatt.Klein@cit.comorCIT INVESTOR
RELATIONS:Barbara Callahan, 973-740-5058,Senior Vice
PresidentBarbara.Callahan@cit.com
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