CIT Group announced that CIT Real Estate Finance provided a $32.9 million senior secured loan to a real estate joint venture between AEW Capital Management (AEW) and Woodmont Industrial Partners. AEW owns the property on behalf of AEW Partners VI, the sixth in the firm’s series of opportunistic real estate funds. The financing will be used to redevelop Capital Logistics Center into a Class A, modern, six-building, 1.5 million-square-foot industrial park in Middletown, PA.

Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. The terms of the transaction were not disclosed.

“We are pleased to provide financing for this project to AEW and Woodmont as it will create additional class A space in central Pennsylvania, which remains in short supply,” said Matt Galligan, president of CIT Real Estate Finance. “Middletown is a strategic location for regional distribution tenants. The market offers easy distribution access to Baltimore, New York and Philadelphia. We pride ourselves in utilizing our deep commercial real estate knowledge to create customized financing solutions for our customers and look forward to building on this new relationship.”