Saxum Real Estate closed on a $17 million construction loan from CIT, a division of First Citizens Bank, for the financing of two industrial developments in Hazleton, PA. The current sites, both within opportunity zones, are poised to become two Class-A industrial developments of 105,000 square feet and 115,000 square feet.

“CIT spent the time to understand these market dynamics and furthermore saw the value in establishing a new relationship with a growing platform like ours, which culminated in an attractive loan and a successful closing,” Sridhar Vankayala, director of capital markets at Saxum Real Estate, said.

“We were pleased to arrange financing for these attractive construction projects,” Chris Niederpruem, managing director and eastern group head for CIT Real Estate Finance, said. “This transaction is another demonstration of the value that CIT’s financing capabilities provide for real estate investors and developers.”