CIT Provides $48 Million in Construction Financing to Develop Luxury Condominiums in New York City - Land.Net News
September 1, 2015
CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Real Estate Finance provided a $48 million senior secured credit facility to a joint venture between Arun Bhatia Development Organization (ABDO) and Sherwood Equities, Inc. The facility will be used to construct a 16-story building located at 10 West 17th Street in New York City’s Flatiron District. It will include 16 luxury condominiums with compelling amenities and services. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
Arun Bhatia, founder and CEO of Arun Bhatia Development Organization and managing member of the joint venture, said, “This project provides an opportunity to develop sophisticated condominium residences in Flatiron, one of New York City’s most desirable neighborhoods. When completed, the building will be intimately-sized with graciously proportioned apartment floorplans designed by renowned architectural firm Beyer Blinder Belle. We commend CIT’s Real Estate Finance Team for their diligent and efficient work in closing this transaction.”
Jeffrey Katz, President and CEO of Sherwood Equities, said, “The Flatiron District remains a great location to develop luxury condominiums, as the neighborhood continues to attract young professionals and families alike. CIT’s knowledge of the New York City real estate market was important to the closing of this transaction, and we appreciate their collaboration with us.”
Matt Galligan, President of CIT Real Estate Finance, said, “We’re pleased to put our deep industry knowledge and expertise to work to provide this construction financing for ABDO and Sherwood Equities. Location is everything, and this site will offer future residents luxurious amenities situated in a neighborhood known for its diverse collection of restaurants, retail stores, nightlife and parks.”
Meggan Walsh, Deputy Group Head and Managing Director of CIT Real Estate Finance, added, “The Flatiron District is a very desirable place to live in New York City. There are a limited number of newly constructed condominiums in the area. The 45 feet of frontage on 17th Street will be a sought after feature for luxury living in the city. We look forward to growing our relationships with ABDO and Sherwood Equities in the future.” $CIT