CIT provides USD48m to develop luxury condos in New York City

CIT Group Inc. (NYSE: CIT) said that CIT Real Estate Finance provided a USD48 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.”

Founded in 1908, CIT is a financial holding company with more than USD65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than USD30 billion of deposits and more than USD40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across more than 30 industries primarily in North America, and equipment financing and leasing solutions to the transportation sector.