CIT, BRT Realty Form CRE Venture

CIT Group, a New York-based commercial real estate lender, and BRT Realty Trust, a New York mortgage real estate investment trust, have entered into a joint venture to offer short-term commercial real estate mortgage loans.The venture, BRT Funding, will have an initial capitalization of up to $100 million and will offer bridge loans, CIT said. The REIT, which is managing the venture, is funding 25% of the investment, and CIT is funding 75%. "This new alliance will immediately allow us to broaden our ability to serve the full range of commercial real estate financing needs of our customers," said Rick Wolfert, vice chairman of commercial finance at CIT. The companies can be found online at http://www.cit.com and http://www.brtrealty.com.