REAL ESTATE TECHNOLOGY
prnewswire | November 30, 2020
CIT Group Inc. today reported that its Real Estate Finance business gave a $38 million senior made sure about advance toward the obtaining of a high rise in Winter Park, Florida.
The property, claimed by Phoenix Realty Group ("PRG") and its speculators and associated elements, is known as Lakeside at Winter Park and comprises of 288 units of nursery style lofts on in excess of 26 sections of land with pleasantries including a pool, wellness focus, clubhouse and tennis, ball and volleyball courts. The financing was utilized for the obtaining and to keep progressing redesigns and enhancements at the complex.
"Lakeside at Winter Park is in an attractive location within the Greater Orlando market, a geography PRG has been investing in and targeting for many years," said Ron Orgel, Managing Director and Head of East Coast Acquisitions at PRG. "Given PRG's value-added experience and knowledge of the Orlando market, we look forward to continuing to develop and maintain the facilities at the property, including improving the units and amenity offerings for the residents. We appreciate CIT's agility and expertise in arranging this financing."
"We regularly invest in residential properties in major metropolitan areas and Lakeside at Winter Park is a great fit for our portfolio," said Chris Niederpruem, managing director and group head for CIT's Real Estate Finance business.
CIT's Real Estate Finance business, part of the Commercial Finance division, originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the group provides financing for single properties, property portfolios and loan portfolios.
About CIT
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 and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network.
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MoxiWorks | July 10, 2020
MoxiWorks will be providing Smith & Associates offices and agents the power of automated marketing materials for listings through their product, MoxiImpress. In the Fall of 2019, MoxiWorks acquired the known and loved real estate tech company, Imprev, and rebranded the offering as MoxiImpress. The professional marketing tools help real estate agents to improve their productivity and focus on their real estate relationships and market. Bob Glaser, President and CEO of Smith & Associates Real Estate, believes the investment with MoxiImpress is a game-changer. "Smith as an organization is embracing new technologies to meet our clients' evolving needs. Our agents will now have additional resources to grow their businesses and to provide in-depth coverage for clients through high-definition video and other innovative tools- at a time when we are all pivoting to a more virtual environment," says Glaser.
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REAL ESTATE TECHNOLOGY
prnewswire | December 01, 2020
San Diego-based Tower 16 Capital Partners, in organization with Drake Real Estate Partners, has obtained Sierra Vista Apartments, a 258-unit multifamily venture in Tucson, Ariz. The property was gained from a private vender in an off-market exchange.
Since its establishing in 2017, Tower 16 has taken comparable actions into business sectors all through the west, having gained more than 4,000 units in California, Las Vegas, Phoenix and Denver. The organization looks for business sectors with expanding interest for labor force lodging driven by work development and in-movement however with moderately low degrees of new gracefully. As indicated by organization chiefs, Tower 16 plans to fabricate an arrangement of more than 1,000 units in the Tucson market.
Sierra Vista Apartments is situated at 3535 N. First Avenue in Tucson, Ariz. The property is minutes from the I-10 turnpike and a little ways from Downtown Tucson and the University of Arizona grounds. The people group comprises of one-, two-and three-room condos with a huge clubhouse, exercise center and two pools. Pinnacle 16 will administer near $4 million in overhauls and remodels to the property including modernized unit redesigns, another clubhouse, exercise center and refreshed pool territories. The organization will likewise be adding outside civilities including grills, seating and open air gaming regions.
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