CIT and BRT Realty Trust enter into strategic relationship.
The joint venture, known as BRT Funding LLC, will offer short-term commercial real estate mortgage loans (bridge loans), and will have an initial capitalization of up to $100 million. Under the terms of the agreement, CIT will fund 75% of the investment and BRT will fund 25%. BRT will manage the new entity.
"We are excited to announce our joint venture with BRT, a highly respected and successful commercial real estate firm," said Rick Wolfert, CIT vice chairman, Commercial Finance. "This new alliance will immediately allow us to broaden our ability to serve the full range of commercial real estate financing needs of our customers."
Jeffrey Gould, president and chief executive officer of BRT said, "We are extremely pleased to enter into this relationship with such a highly regarded and successful commercial and consumer finance company.
"The demand for BRT's lending product continues to be strong and this joint venture will provide us with the opportunity to continue to expand our business. We anticipate that our new relationship with CIT will provide the opportunity to access a larger borrower base."
CIT Group Inc., a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. With its global headquarters in New York City, CIT has more than 7,200 employees in locations throughout North America, Europe, Latin America, and Asia Pacific. BRT Realty Trust is a mortgage REIT which primarily originates short term first and second mortgage loans.
|Printer friendly Cite/link Email Feedback|
|Publication:||Real Estate Weekly|
|Date:||Nov 15, 2006|
|Previous Article:||Financing closed for CA apartment complex.|
|Next Article:||USB reports earnings.|