NEW YORK, Oct. 30, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance division provided a senior secured construction loan of up to $35 million for development of a new office building on East 61st Street in Manhattan.
The project -- a planned six-story structure at 323 East 61st St. – is being undertaken by a joint venture between The William Macklowe Company and LaSalle Property Fund. When complete, the 74,000-square-foot facility will operate in close proximity to some of New York City's most prominent hospitals, research centers, medical schools and medical office facilities.
"We see this project as the right development in an attractive location and we look forward to its successful completion," said William S. Macklowe, founder of The William Macklowe Company. "CIT's real estate expertise was very helpful in closing the financing needed to move this project forward."
"CIT has decades of experience in financing commercial property development in New York City," said Chris Niederpruem, managing director and East Coast head of CIT's Real Estate Finance group. "This transaction demonstrates our ability to provide secure financing that maximizes value for developers."
CIT's Real Estate Finance division originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the unit provides financing for single properties, property portfolios and loan portfolios.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Sept. 30, 2018. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook.
SOURCE CIT Group Inc.