CIT’s real estate finance business provided $28.2 million in financing for construction of the Via Del Lago apartment complex in the Moreno Valley region of Los Angeles.

Via Del Lago is planned as a 135-unit multifamily apartment complex in the Rancho Belago real estate submarket in Los Angeles. Amenities in the complex will include a swimming pool, a jacuzzi, a fitness center, a playground, a dog park, a clubhouse and a coffee bar. The developer, Spruce Grove, expects construction will begin this month and be fully completed in about two years.

“Via Del Lago will provide quality housing with top-notch amenities at a reasonable price in a market where demand for apartments is strong and growing,” Jeff Carter, president of Spruce Grove, said. “We appreciated CIT’s agility in arranging the financing we sought to move this project forward.”

“The Spruce Grove leadership team is well known for their expertise in developing and managing high-quality commercial real estate,” Chris Niederpruem, managing director and group head of CIT’s real estate finance business, said. “We were pleased to arrange the financing for this significant new development.”