CIT backs Exeter for PA properties

Exeter refinanced seven office buildings located in the Philadelphia suburbs. It is the firm’s second deal with CIT this year. 

CIT Group has arranged a $33 million senior secured credit facility for Exeter Property Group, the financial services firm announced in a statement Wednesday. Financing was provided by commercial bank subsidiary CIT Bank.

Exeter will use the facility to refinance a portfolio of seven office buildings located in the Philadelphia suburbs. CIT managing director Steve Reedy characterised the facility as a floating rate debt instrument that has prepayment flexibility.

The deal marks the second time this year that Exeter has tapped CIT for a credit facility in relation to their portfolio. In March, CIT arranged a $62 million senior secured credit facility for the firm’s acquisition of eight buildings in New Jersey. That facility was also used to finance five office properties in Maryland.

“The first transaction went off very smoothly, and that led us to look for other transactions with them,” Reedy told Private Debt Investor. “This is really what we really like to do. We like to align ourselves with very strong private equity sponsors, and finance those transactions.”

Exeter senior credit officer Mark Cunneen had not responded to a request for comment at press time.

CIT Corporate Finance specialises in providing loans and other financial advisory services to the small and mid-market.