CIT’s real estate finance business served as sole lead arranger on a $39.6 million loan to an affiliate of Clarion Partners to finance the acquisition and development of Southside Logistics Center, an industrial facility in Baltimore.

Southside Logistics Center is a two-building, Class-A industrial facility comprising more than 483,000 square feet. The two buildings are currently under construction, with one building expected to be complete in May and the second building expected to be complete in August.

“Southside Logistics Center is in a prime location that will only improve as the Port of Baltimore continues to perform well amid ongoing demand for shipping transport,” Sean O’Connor at Clarion Partners said. “We appreciate CIT’s expertise and agility in arranging financing for this strategic acquisition.”

Clarion Partners is a New York-based real estate investment and development firm with $71 billion in assets under management. Its industrial group manages a portfolio of more than 900 properties consisting of more than 206 million square feet and located in more than 78 markets across the United States and Europe.

“Clarion has built a strong portfolio of industrial properties across the country,” Chris Niederpruem, managing director and group head for CIT’s real estate finance business, said. “We were pleased to arrange the financing for the acquisition and development of this facility and look forward to opportunities to support their future investments.”