Sovereign Ventures will purchase the portfolios of net-leased properties in the retail, restaurant, office and industrial sectors, and will target companies seeking to expand operations, recapitalize or create liquidity through their real estate assets, according to a release made by CIT.
A source close to the deal tells GlobeSt.com that the portfolios will be domestic and all over the US, but would not go into further detail.
"This joint venture will allow CIT to provide expanded financing options to our client base, especially for companies seeking to monetize owned real estate. Sovereign has a proven track record in this arena, and we believe their strengths are a terrific complement to CIT's," says Dennis Irvin, senior managing director of CIT Commercial Real Estate, a unit of CIT.
Pete Mavoides, president and CEO of Sovereign notes that they are pleased to enter into this relationship with such a "highly regarded and successful commercial and consumer finance company."
He says, "The demand for Sovereign's financial products continues to be strong, and this joint venture will provide us with the opportunity to continue to expand our business. We anticipate that our new relationship with CIT will provide the opportunity to access a much broader base of prospective customers and allow us to work with CIT to combine products and offer customers a more complete financing solution."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
