TIG Devonshire Looks to Reposition Devonshire Apartments

CIT Group Inc.’s real estate finance business served as sole lead arranger on a $41.6 million loan for the acquisition and renovation of the Devonshire Apartments in Hemet, CA. The 276-unit multifamily complex is being acquired by TIG Devonshire LLC, which is jointly managed by Tailwind Investment Group and Kairos Investment Management Company.

The group plans to enhance the property by investing in multiple interior and exterior improvements.

“The Devonshire Apartments offer a range of affordable residential facilities and conveniences in a desirable location featuring ready access to shopping, restaurants and numerous area employers,” said Peter Kurzeka, partner of Tailwind Investment Group. “CIT worked in quick order to structure the acquisition financing in a manner that best allows our partnership to successfully execute on our business plan of repositioning the asset.”