CIT’s real estate finance business provided $42.8 million in financing for the acquisition of an apartment complex in Tampa, FL.

The 264-unit multifamily complex known as the Lola Apartments was completed in 2018. Amenities include elevators, a 24-hour fitness facility, clubhouse, game room and resort-style pool. The buyer is an affiliate of Asia Capital Real Estate (ACRE), an owner-operator of multifamily residential properties.

“The Greater Tampa market is experiencing strong demand for rental housing and Lola Apartments is well-positioned to meet that demand,” Michael Van Der Poel, founding partner of ACRE, said. “We appreciated CIT’s expertise and agility in arranging financing for this acquisition.”

“We have worked with Asia Capital Real Estate before and are pleased to support their acquisition of this Class-A property with the right financing,” Chris Niederpruem, managing director and group head for CIT’s real estate finance business, said.