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CIT Loans $56M To Western Wealth For Texas Apartments – Law360

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Law360 (October 9, 2019, 2:27 PM EDT) — Canadian real estate investment firm Western Wealth Capital has landed a $56 million loan from CIT Group for an apartment complex in Irving, Texas, according to an announcement from the companies on Wednesday.

The loan from CIT Group Inc. is for Bel Air Las Colinas Apartments. Western Wealth Capital plans to use proceeds to fund its recent acquisition of the complex and also for renovations there.

CIT did not disclose the interest rate or other terms of the loan in its announcement Wednesday.

“We’re pleased to have another opportunity to collaborate with Western Wealth Capital,” Chris Niederpruem, president of CIT’s real…