CIT Real Estate Finance, a subsidiary of commercial lending firm CIT Group, has provided a $21.5 million senior secured loan to Normandy Real Estate Partners, a real estate operator and fund manager in Morristown, NJ. The financing was provided by CIT Bank, the US commercial banking subsidiary of CIT, the firm announced in a recent news release.
Proceeds from the facility will be used to refinance the Westford Corporate Center in Westford, Massachusetts, and to fund tenant improvements to the property. Normandy recently extended the lease and expanded the space for its main tenant Cynosure, Inc., a developer and manufacturer of light-based aesthetic and medical treatment centers. The property serves as Cynosure’s headquarters and is about 25 miles northwest of Boston.
“This transaction highlights our continued efforts to meet the financing needs of our middle market commercial real estate clients in a way that positions them for success,” Matt Galligan, president of CIT Real Estate Finance, said in a statement. “Normandy has been extremely active in the Greater Boston area, where it owns or manages more than 30 commercial properties. We look forward to building on this relationship.”
Steve Reedy, managing director of CIT Real Estate Finance, added: “Many of Normandy's holdings in the Boston area are in primary suburban markets along the Route 128 and I-495 corridors. These crucial highways provide access to the outer ring of the Boston suburbs and are a popular place for a corporation like Cynosure to locate its business outside of the city. We’re pleased to put our expertise and experience to work for Normandy.”