CIT Provides $36.2MM for Acquisition of Plano Office Building

CIT Group’s Real Estate Finance unit provided $36.2 million in financing for the acquisition of Park Center, a 97% leased, multi-tenant office building in Plano, TX.

Park Center, which was acquired by an affiliate of Innovatus Capital Partners LLC, is a five-story, Class A office building located at 2400 Dallas Parkway that encompasses approximately 236,000 square feet of rentable space.

“Park Center is a top-quality property in a highly desirable area in the Dallas metro,” said Bradley Seiden, managing director of Innovatus. “We greatly appreciate CIT’s agility and expertise in arranging the financing used to close on this property as we continue to build our diversified portfolio of commercial real estate.”

“We were pleased to have another opportunity to support Innovatus’ expanding portfolio by providing financing for the acquisition of Park Center,” said Chris Niederpruem, head of CIT’s Real Estate Finance unit. “This transaction demonstrates CIT’s financing capabilities and the strong partnerships that develop as a result.”

CIT’s Real Estate Finance unit, part of its Commercial Finance division, originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the group provides financing for single properties, property portfolios and loan portfolios.

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