CIT Group launched its CIT Real Estate Finance, which will originate and underwrite senior secured real estate transactions in the Boston, New York City and Washington, D.C. areas.
Matthew Galligan, executive vice president, has been appointed as group head reporting to CIT Group President Nelson Chai.
Galligan was most recently a managing director and head of U.S. property finance for Bank of Ireland where under his leadership his team negotiated and closed over 30 transactions totalling $2 billion. Before joining Bank of Ireland, he served as executive vice president for real estate capital markets at DebtX.
He has also worked for Fleet Boston Financial, Bank of Boston, and Chase Manhattan in executive level positions in credit, real estate lending, debt distribution and capital markets.
"CIT Real Estate Finance will offer commercial real estate loans to top tier sponsors and developers in major cities we know well," Galligan said. "We will provide stabilized, value-added and construction loans in excess of $20 million to highly experienced and well-capitalized developers in the office, retail, industrial and multi-family rental sectors."
Meggan Walsh will also join the new group as managing director. Prior to CIT, Walsh was managing director of U.S. property finance for Bank of Ireland where she was the senior marketing person directly responsible for the origination of new construction, acquisition, subordinate and investment loans for office, retail, residential, rental and condominium properties.
Before joining Bank of Ireland, she was senior vice president for the national real estate group at LaSalle Bank. She also worked in executive level positions for Hypo Bank, Banque Paribas, and Chase Manhattan Bank in real estate lending, valuation, marketing and structuring.
Christopher Niederpruem joins as a director on the new team. Before CIT, he served as director of U.S. property finance for Bank of Ireland where he was responsible for new business origination and loan structuring.
He has also worked for the commercial real estate banking group of Anglo Irish Bank in New York where he focused on underwriting commercial mortgage loans for major U.S. investors and managed a team of analysts.