Finance News

CIT Provides $28.2 Million in Financing for California Apartment Complex Development

CIT Provides $28.2 Million in Financing for California Apartment Complex Development

CIT Group Inc. announced that its Real Estate Finance business provided $28.2 million in financing for construction of the Via Del Lago apartments in the Moreno Valley region of Greater Los Angeles.

Via Del Lago is planned as a 135-unit multifamily apartment complex in the attractive Rancho Belago real estate submarket. Amenities in the complex will include a swimming pool, jacuzzi, fitness center, playground, dog park, clubhouse and coffee bar. The developer, Spruce Grove Inc., expects construction will begin in August and be fully completed in about two years.

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“Via Del Lago will provide quality housing with top-notch amenities at a reasonable price in a market where demand for apartments is strong and growing,” said Jeff Carter, President of Spruce Grove. “We appreciated CIT’s agility in arranging the financing we sought to move this project forward.”

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“The Spruce Grove leadership team is well-known for their expertise in developing and managing high-quality commercial real estate,” said Chris Niederpruem, managing director and group head of CIT’s Real Estate Finance business. “We were pleased to arrange the financing for this significant new development.”

CIT’s Real Estate Finance business, part of the Commercial Finance division, originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the group provides financing for single properties, property portfolios and loan portfolios.

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