NEW YORK, Aug. 20, 2018 /PRNewswire/ -- CIT Group Inc. (CIT) today announced that its Real Estate Finance division was the sole lead arranger of a $45 million loan for a landmark residential project in the Tribeca neighborhood of Manhattan.
The nine-story project, known as The Cast Iron House, consists of 13 luxury 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.
Founded in 1908, CIT (CIT) is a financial holding company with approximately $50 billion in assets as of June 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.