New York– CIT Group Inc. (NYSE: CIT) and Square Mile Capital Management LLC announced that they have originated a $63.9 million loan to finance the development of The Caldwell, a 259-unit, 180,000-square-foot high-rise rental residential project with ground floor retail being developed in Lynn, MA.
The financing was provided to a joint venture between affiliates of The Carlyle Group, a global investment firm, and The Procopio Companies, an experienced, local developer based in Lynnfield, MA. The financing was arranged by Jeff Black of Colliers International’s Boston office.
“The Greater Boston area remains a strong market for residential development, especially where there is ready access to mass transit,” added Matthew Galligan, president of CIT’s Real Estate Finance division. “We were pleased to leverage our expertise in multifamily construction financing to help make this project a reality.”
Square Mile Capital Vice President Mike Kusy said, “We are excited to have the opportunity to provide financing to the experienced partnership of Carlyle and Procopio for a project that will catalyze continued housing growth within Lynn and the surrounding markets. This transaction allowed us to further expand our lending portfolio in Boston by capitalizing an asset that will be well-positioned as one of the highest quality apartment buildings north of Boston with strong transit accessibility.”
The 10-story transit-oriented development is located in downtown Lynn, MA, approximately ten miles north of Downtown Boston adjacent to an MBTA Commuter Rail Station with access to the city via a 20-minute train ride. Once completed, The Caldwell will feature luxury finishes, a best-in-class amenity package that will include a rooftop deck, swimming pool, fitness center, and sports/gaming lounge, and unique high-rise views.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of Dec. 31, 2018, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company’s commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing.
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States. Square Mile Capital’s opportunistic equity platform takes a value-oriented approach to its investment activities, with an emphasis on opportunities to acquire or capitalize real estate assets or enterprises that are undervalued, complex or under-capitalized.