Dealmaker: CIT Provides $35.9M in Apartment Construction Financing

CIT Group Inc., New York, provided a $35.9 million senior secured loan for construction of a new 183-unit apartment building in Stamford, Conn.

The property, a joint venture between Fields Grade Development and Alpine Residential, will be on Canal Street in Stamford within walking distance of several large employers. The site is also near the Metro North railway, providing access to Grand Central Terminal in Manhattan and other stops along the New York-Connecticut rail corridor.

“This financing helps advance our plan to construct an attractive multifamily residential building with ground-floor retail space and other associated amenities in a premier Stamford location,” said Rob Caulfield of Fields Grade Development.

Chris Niederpruem, Managing Director and Group Head for CIT’s Real Estate Finance business, called the project a good fit for CIT’s portfolio of projects in major metropolitan areas.

In May CIT made a $37.3 million investment in Jordan Downs Apartments, a 92-unit multifamily apartment complex to support low-to-moderate income families in Los Angeles’ Watts neighborhood.

“During these challenging times, our communities need affordable housing more than ever,” said CIT President of Consumer Banking Steve Solk. “Our financial commitment to the Jordan Downs Apartment Project will help break down barriers and spark transformative change across the Watts neighborhood.”  

Jordan Downs is the third phase of a larger redevelopment project taking place to improve the area. Of the 92 units, the complex will include 23 one‐bedroom units, 41 two‐bedroom units, 24 three‐bedroom units and 4 four‐bedroom units. Seventeen apartments will be designated for residents with physical disabilities and hearing or visual impairments. 

The project is currently slated for completion in early 2022 and units will be available to households earning between 30 percent and 80 percent of the area’s median income. CIT anticipates making further investments in the Watts community later this year, including the possibility of opening a new branch in the area.

CIT said it anticipates making further investments in the Watts community later this year, including a new branch in the area.