CIT Serves as Sole Lead Arranger for $61.8 Million Acquisition Financing for Office Properties Outside Chicago
29 August 2016 - 10:30PM
Business Wire
- Financing Provided to TNREF III Parkway
JV, a Joint Venture Between True North Management Group and Fulcrum
Asset Advisors
- JV to Acquire 3, 6 and 9 Parkway North
in Deerfield, IL, a Northern Suburb of Chicago; Properties Total
480,000 Square Feet
CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of
commercial lending and leasing services, today announced that CIT
Real Estate Finance served as Sole Lead Arranger and Administrative
Agent for a $61.8 million senior secured credit facility to TNREF
III Parkway JV, LLC, a joint venture between True North Management
Group and Fulcrum Asset Advisors. The financing will support the
JV’s acquisition of three Class A office properties, totaling
480,000 square feet, located in Deerfield, Illinois, a northern
suburb of Chicago. Financing was provided by CIT Bank, N.A., the
principal bank subsidiary of CIT. Terms of the transaction were not
disclosed.
The properties being acquired are 3 Parkway North, 6 Parkway
North and 9 Parkway North, all located within the Parkway North
Center Office Park, an 85.5-acre suburban office park consisting of
six office buildings totaling approximately 1 million square feet,
with a daycare center, a 250-room hotel and a recently built luxury
apartment complex.
Girard Tunney, Principal, True North Management Group, said,
“This transaction offers us the opportunity to make an investment
on behalf of our clients in Class A commercial real estate in a
very desirable and strong regional market. The buildings acquired
have been well maintained, with desirable upgrades that have
continued to attract institutional tenant demand. Under new
management, we plan to make further enhancements to the café and
winter garden and develop additional parking. CIT has been a superb
financial partner throughout the transaction, and its commercial
real estate expertise was clear from start to finish.”
Peter Broccolo, Principal, Fulcrum Asset Advisors, said, “The
acquisition of these properties offers long-term value for us and
True North’s investors and represents a unique opportunity in a
competitive market. Lake County has a diverse economy and serves as
the headquarters for multiple global companies, thanks to its
well-educated workforce and the high quality of life in local
communities. These buildings and the surrounding area have
desirable amenities, and the additional planned renovations will
add further value for tenants. We appreciate all that CIT did to
bring this financing to fruition, including leveraging its
structuring capabilities to support the execution of this
transaction.”
Matt Galligan, President, CIT Real Estate Finance, said, “The
Greater Chicago area, including Lake County, is a destination for
companies and individuals alike. These buildings further benefit
from proximity to major highways, providing convenient access to
downtown Chicago and the broader region as well as O’Hare
International Airport. It’s been great to have the opportunity to
share our commercial real estate financing knowledge with True
North and Fulcrum, and we look forward to working with both firms
again.”
Chris Niederpruem, Managing Director, CIT Real Estate Finance,
said, “True North and Fulcrum have many years of commercial real
estate experience, which they will bring to their management of
these three Parkway North properties. We are pleased that we were
able to use CIT’s financing abilities to assist them with the
acquisition of these properties.”
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About True North Management Group
True North Management Group, founded in 2004 by Richard Gunthel
and Paul Turovsky, is a privately held real estate investment
management firm headquartered in White Plains, New York. Since its
inception, the firm has successfully completed more than 60
distinct debt and equity investments with more than $965 million in
transaction value involving office, retail, hospitality,
multifamily and other property types throughout the United States.
tninvestors.com
About Fulcrum Asset Advisors
Fulcrum Asset Advisors LLC is a privately held real estate
investment company specializing in office investments. It leverages
its extensive institutional experience with entrepreneurial agility
to create value-maximizing investment strategies.
fulcrumllc.com
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company
with more than $65 billion in assets. Its principal bank
subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has
more than $30 billion of deposits and more than $40 billion of
assets. It provides financing, leasing and advisory services
principally to middle market companies across a wide variety of
industries primarily in North America, and equipment financing and
leasing solutions to the transportation sector. It also offers
products and services to consumers through its Internet bank
franchise and a network of retail branches in Southern California,
operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
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