CIT Group Inc., New York, is getting into the commercial real estate lending business, looking to originate and underwrite transactions in the Boston, New York and Washington markets.
Matthew Galligan is joining CIT as executive vice president to run the business, CIT Real Estate Finance. Most recently he was managing director and head of U.S. property finance for the Bank of Ireland, and prior to that he was EVP for real estate capital markets at DebtX.
CIT Real Estate Finance will provide stabilized, value-add and construction loans in amounts over $20 million to borrowers in the office, retail, industrial and multifamily sectors, he said.
Two other members of the management team worked with Galligan at Bank of Ireland. Meggan Walsh, who is the managing director, had a similar title at Bank of Ireland where she was the senior marketing person responsible for the origination of new construction, acquisition, subordinate and investment loans.
Christopher Niederpruem, whose title at CIT Real Estate Finance is director, was director of U.S. property finance at Bank of Ireland, where he was responsible for new business origination and loan structuring.
