CIT Provides Financing for Kushner Companies

  CIT Provides Financing for Kushner Companies

              Represents Second Recent Transaction with Kushner

Business Wire

NEW YORK -- April 29, 2013

CIT Group Inc.(NYSE: CIT), a leading provider of financing and
advisory services to small businesses and middle market companies, today
announced that CIT Real Estate Finance provided an $18.2 million senior
secured loan to Kushner Companies, a diversified real estate company
headquartered in New York City, to acquire and expand four multifamily
apartment buildings located on East 9^th Street in New York City. Financing
was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of
the transaction were not disclosed.

“The New York City metropolitan area continues to be one of the strongest
markets for multifamily real estate today,” said Chris Niederpruem, Managing
Director of CIT Real Estate Finance. “This is our second transaction with
Kushner this year and we look forward to continuing to build this relationship
as they build their portfolio of properties throughout New York City.”

Jared Kushner, President and CEO of the Kushner Companies, says, “We’ve built
a solid relationship with CIT's Real Estate team, whose industry expertise
gives us confidence that our transactions will close quickly and efficiently
as we continue to grow our real estate portfolio.”


View the 2013 Commercial Real Estate Sector Outlook with Matt Galligan,
President of CIT Real Estate Finance, the latest in a series of in-depth Q&As
with CIT executives, in which he comments on the New York City multifamily

Watch the CIT corporate overview video ( that showcases
its support of the small business, middle market and transportation sectors.

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About Kushner Companies

Kushner Companies is a diversified real estate organization headquartered in
New York City. The company is involved in the ownership, management,
development and redevelopment of numerous properties. The Kushner Companies’
national reach consists of more than 13,000 multifamily apartments as well as
7 million square feet of office, industrial and retail space throughout New
York, New Jersey, Pennsylvania and Illinois. Kushner Companies is guided by
its experience and ability to create long-term value in strategically focused

About CIT Bank

Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S.
commercial bank subsidiary of CIT Group Inc.(NYSE: CIT). It provides lending
and leasing to the small business, middle market and rail sectors. Through its
online bank,, CIT Bank offers a suite of savings options
designed to help customers achieve a range of financial goals. As of March 31,
2013, it had $10.6 billion of deposits and $13.3 billion of assets.

About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 
billion in financing and leasing assets. A member of the Fortune 500, it
provides financing and leasing capital and advisory services to its clients
and their customers across more than 30 industries. CIT maintains leadership
positions in small business and middle market lending, factoring, retail
finance, aerospace, equipment and rail leasing, and vendor finance. CIT also
operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through
its online bank, offers a suite of savings options designed to
help customers achieve a range of financial goals.


C. Curtis Ritter, 973-740-5390
Director of Corporate Communications
Matt Klein, 973-597-2020
Vice President, Media Relations
Ken Brause, 212-771-9650
Executive Vice President
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