Dealmaker: CIT Arranges $174M for Multifamily, Assisted Living

October 10, 2019

CIT Group, New York, provided a $56 million senior secured mortgage loan on Bel Air Las Colinas Apartments, a 515-unit Irving, Texas multifamily property.

Western Wealth Capital, Vancouver, B.C., purchased the garden-style asset, which has 28 three-story buildings.

CIT’s financing included funding for both interior and exterior renovations including swimming pool area improvements, a remodeled clubhouse and enhanced landscaping.

CIT also served as co-lead arranger on $90.6 million in construction financing for a new Washington, D.C. multifamily development. A joint venture managed by MRP Realty and Barings is building the project, which will have 387 units of studio, one- and two-bedroom apartments with 30 units designated as affordable housing.

The venture said it expects the property will deliver in fourth-quarter 2021.

“There is strong demand for attractive new units like the ones we are building, which are close to mass transit and have numerous amenities,” said MRP Realty Principal Matt Robinson.

Barings Head of U.S. Real Estate Equity John Ockerbloom noted the Washington area has grown significantly in recent years and the demand for multifamily properties is increasing.

In Texas, CIT’s Healthcare Finance business arranged $27.2 million for two assisted living facilities comprising 154 units. The borrower, a joint venture between Harrison Street and Franklin Development Partners, used the proceeds to refinance existing debt and cover closing costs on the assisted living facilities, one near San Antonio and the other near Austin.