CIT lends for a Florida apartment complex renovation

CIT Real Estate Finance, the property-focused arm of New York based lender CIT Group, has provided a $32 million senior secured loan to Spirit Bascom Ventures, a joint venture between New York City–based Spirit Investment Partners and Irvine, CA–based The Bascom Group. The money will be used to acquire and renovate The Reserve at Heritage Oaks, a 444-unit garden apartment complex in Tallahassee, Florida. The financing was provided by CIT Bank, the US commercial bank subsidiary of CIT, the firm announced last week. Terms of the transaction were not disclosed. 

“We are pleased to build upon our existing relationship with Spirit Bascom Ventures in providing this financing that will allow them to acquire and renovate The Reserve at Heritage Oaks,” Matt Galligan, President of CIT Real Estate Finance, said in a news release. “We were able to utilize our local real estate industry expertise to structure a transaction that will create much-needed Class A housing for the growing Tallahassee market.  

In 2013, CIT Real Estate Finance provided a $33.3 million senior secured loan to Spirit Bascom Ventures to acquire Jefferson at 55/77 Water, two five-story buildings containing 136 multi-family units above 28,000 square feet of office space in South Norwalk, CT. 

Spirit Bascom Ventures, a JV between Spirit Investment Partners and The Bascom Group, was formed to acquire distressed and value added multifamily assets in the Northeast, Southeast and Midwest markets. Spirit is a New York City–based real estate investment and management company. Bascom is an active and seasoned buyer and operator of apartment communities in the US.