NEW YORK, March 3, 2022 /PRNewswire/ — CIT, a division of First Citizens Bank, today announced that its real estate finance business has been the sole lead arranger for a $39.6 million loan to a subsidiary of Clarion Partners to finance the acquisition and development of Southside Logistics Center, an industrial site in Baltimore, Maryland.
The Southside Logistics Center is a Class A industrial facility consisting of two buildings and over 483,000 square feet. It is ideally located near a major port of Baltimore terminal and several major interstate highways. Both buildings are currently under construction and one of them should be completed in May 2022 and the second building of August 2022.
“The Southside Logistics Center is in a prime location that will only improve as the port of Baltimore continues to perform well amid continued shipping demand,” said Sean O’Connor at Clarion Partners. “We appreciate CIT’s expertise and agility in arranging the financing for this strategic acquisition.”
Clarion Partners is a new Yorkreal estate investment and development company based in $71 billion assets under management. Its industry group manages a portfolio of more than 900 properties of more than 206 million square feet located in more than 78 markets in the United States and Europe.
“Clarion has built a strong portfolio of industrial properties across the country,” said Chris Niederpruem, Managing Director and Group Head of CIT’s Real Estate Finance business. “We were delighted to arrange the financing for the acquisition and development of this facility and look forward to opportunities to support their future investments.”
CIT’s Real Estate Finance business, part of the Commercial Finance group, originates and underwrites prime secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the group offers financing for individual properties and real estate portfolios.
CIT is a division of First Citizens Bank, the largest family-owned bank in United States, carrying on a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is one of the top 20 U.S. financial institutions with more than $100 billion in assets. The Company’s Commercial Banking segment provides a wide range of premier lending, leasing and banking services to medium and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring deep expertise that helps businesses and individuals achieve their specific goals at every stage of their financial journey. Find out more at cit.com/firstcitizens.
SOURCE CIT, a division of First Citizens Bank