CIT Group Inc. announced on September 16th, that its Real Estate Finance business served as sole lead arranger on a $41.6 million loan for the acquisition and renovation of The Devonshire Apartments in Hemet, California.
The 276-unit multifamily complex is being acquired by TIG Devonshire LLC, which is jointly managed by Tailwind Investment Group and Kairos Investment Management Company.
The group plans to enhance the property by investing in multiple interior and exterior improvements. Existing amenities include two clubhouses, a fitness center, tennis court, laundry facilities, children’s playground and swimming pools.
“The Devonshire Apartments offer a range of affordable residential facilities and conveniences in a desirable location featuring ready access to shopping, restaurants and numerous area employers,” said Peter Kurzeka, Partner of Tailwind Investment Group. “CIT worked in quick order to structure the acquisition financing in a manner that best allows our partnership to successfully execute on our business plan of repositioning the asset.”
“We worked closely with these experienced real estate investors to understand their needs and renovation plan,” said Chris Niederpruem, managing director and group head for CIT’s Real Estate Finance business. “We were pleased to arrange financing that will move the project forward.”
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 unit provides financing for single properties, property portfolios and loan portfolios.
CIT Group | Contributed
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