CIT Bank has unveiled a new community investment loan program that provides construction loans and permanent financing for multifamily affordable housing and community facilities across Southern California. CREA LLC, a real estate advisory firm, will support CIT with the affordable housing portion of the program.
"CIT is pleased to expand its community investment efforts in Southern California to ensure residents have access to affordable housing as well as essential community services such as health centers, schools and public safety centers," said Steve Solk, president of consumer banking for CIT. "This new program builds on our investments in affordable housing developments and low-income housing tax credits to serve our local community."
"CREA is proud to partner with CIT to help create high quality affordable housing across Southern California," said Gary Rodney, chairman of CREA. "Together we will provide an outstanding debt and equity financing platform, streamlined process and competitive terms for local affordable housing developers."
Luxury Apartments on Tap for Melbourne, Fla.
Multiverse Global plans to begin construction of 600 luxury apartments at the Space Coast Town Center. Located in Melbourne, Fla., the apartments will be built in conjunction with JMG Realty and Integra Land Company, two experienced firms in the development and management of multifamily properties.
"These residences will be geared toward discretionary renters who choose the convenience and ease of living in Space Coast Town Center with its amenities, services, and restaurants, all in a walkable environment," said Edgar Jones, co-founder of Multiverse Global. "We anticipate that the community's architectural style, along with its gym, pool, and entertainment areas, will be comparable to the best of those found in Florida's major urban areas.