Friday, November 7, 2014

CIT Refinances Five Tower Bridge

by Steve Lubekin,
CIT’s Real Estate Finance unit helped MIM-Hayden Real Estate Fund I, LP, an investment fund sponsored by Hayden Real Estate Investments and Miller Investment Management refinance Five Tower Bridge, an eight-story class A office tower located in West Conshohocken, PA. CIT provided a $55 million senior secured loan through CIT Bank, the US commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“This property, along with a few other properties in the area, set the highest asking rents in the market, says Anthony J. Hayden, managing director of MIM-Hayden Real Estate Fund. “Many executives living along the Main Line prefer the easy commute to West Conshohocken and appreciate that employees are not subject to the city of Philadelphia wage tax. CIT’s single lender execution, market knowledge and flexible terms were the keys to awarding this business. CIT performed flawlessly. We are already working with them on other financing and look forward to continuing to grow our relationship."

This is CIT’s third transaction in the last year in the suburban Philadelphia office market. In November 2013, CIT financed the recapitalization and repositioning costs of a six-building, 200,000-square-foot office park in Conshohocken and an 89,000-square-foot, class A office building in Malvern, PA.

“We’re pleased to provide this financing to MIM-Hayden Real Estate Fund to support the refinancing of its Five Tower Bridge office tower, which is located in one of Philadelphia’s strongest suburban office markets,” says Matt Galligan, president of CIT Real Estate Finance. “Our extensive expertise in the greater Philadelphia market and our deep experience in financing commercial real estate assets allowed us to develop a customized financing solution in a timely manner. We look forward to building on this new relationship.”

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