CIT Refinances Five Tower Bridge

WEST CONSHOHOCKEN, PA—CIT’s Real Estate Finance unit helped MIM-Hayden Real Estate Fund I, LP, an investment fund sponsored by Hayden Real Estate Investments and Miller Investment Management refinance Five Tower Bridge, an eight-story class A office tower located in West Conshohocken, PA. CIT provided a $55 million senior secured loan through CIT Bank, the US commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“This property, along with a few other properties in the area, set the highest asking rents in the market, says Anthony J. Hayden, managing director of MIM-Hayden Real Estate Fund. “Many executives living along the Main Line prefer the easy commute to West Conshohocken and appreciate that employees are not subject to the city of Philadelphia wage tax. CIT’s single lender execution, market knowledge and flexible terms were the keys to awarding this business. CIT performed flawlessly. We are already working with them on other financing and look forward to continuing to grow our relationship.”