CIT Group Inc., a provider of financing and advisory services to small businesses and middle market companies, announced that it provided a senior secured term loan to Cole Real Estate Investments Inc., a real estate investment trust, for the purchase of 21 properties with Wendy's restaurants. The $15.5 million financing supported the purchase in three domestic markets — Las Vegas, San Antonio and Indianapolis.
CIT Corporate Finance, Retail and Restaurants served as Sole Lender and Lead Arranger for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
"Restaurants are benefiting as the economy continues to slowly improve and consumers begin to spend more on eating out," said Bob Bielinski, managing director, CIT Corporate Finance, Retail and Restaurants. "This transaction provides us the opportunity to finance stabilized commercial real estate assets and establish a lending relationship with Cole Real Estate Investments, one of the most active net lease REITs in the market."
"The recent purchase of these properties with Wendy's restaurants further expands our portfolio of high quality real estate assets. CIT's deep industry knowledge and flexible financing structures played a key role in this transaction. We continue to look for properties with credit tenants and experienced operators which meet our acquisition criteria," added Matt Donnelly, senior vice president and head of Real Estate Finance at Cole.
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