News:
Brokerage
Posted: September 4, 2018
CIT Group arranges $45 million for 361 Broadway Associates Holdings
Manhattan, NY According to CIT Group Inc., its real estate finance division was the sole lead arranger of a $45 million loan for a landmark residential project in the Tribeca neighborhood.
The nine-story project, known as The Cast Iron House, consists of 13 condominium units, including two penthouse units, as well as retail space on the ground floor and subfloor of the historic structure. The borrower is 361 Broadway Associates Holdings LLC.
“We are pleased to provide financing to complete the development and restoration of this stunning architectural landmark in the heart of Manhattan,” said Matt Galligan, president of CIT’s real estate finance division.
“This transaction is another example of how CIT’s financing capabilities can help maximize value for real estate investors and 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.
Tags:
Brokerage
MORE FROM Brokerage
Century Cricket Centre to open first U.S. location near Bryant Park in 14,000 s/f lease
Manhattan, NY Century Cricket Centre, an Australian-backed indoor cricket and sports-tech concept, will open its first U.S. location in a 14,000 s/f at 25 W. 39th St. near Bryant Park following a 15-year lease arranged by Lee
Quick Hits
 (2).gif)
Columns and Thought Leadership
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt
You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
.gif)
September Promotion
