CIT Group announced CIT Real Estate Finance provided a $32 million senior secured loan to Spirit Bascom Ventures, a joint venture between New York City–based Spirit Investment Partners and Irvine, California–based The Bascom Group. The financing will be used to acquire and renovate “The Reserve at Heritage Oaks,” a 444-unit garden apartment complex located in Tallahassee, Florida. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.
“We are pleased to build upon our existing relationship with Spirit Bascom Ventures in providing this financing that will allow them to acquire and renovate The Reserve at Heritage Oaks,” said Matt Galligan, president of CIT Real Estate Finance. “We were able to utilize our local real estate industry expertise to structure a transaction that will create much-needed Class A housing for the growing Tallahassee market. We look forward to building our relationship with Spirit Bascom Ventures as they continue to build their portfolio of properties throughout the United States.”
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