CIT Provides $48 Million in Construction Financing to Develop Luxury Condominiums in New York City
September 01 2015 - 8:30AM
Business Wire
- Financing Provided by CIT Bank, N.A. to
Joint Venture Between Arun Bhatia Development Organization and
Sherwood Equities
- Development Located at 10 West 17th
Street in New York City’s Flatiron District
- New 16-Story Building Will Include 16
Luxury Condominium Units
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.”
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About Arun Bhatia Development Organization
Arun Bhatia Development Organization, established in 1980 by
founder and CEO Arun Bhatia, is a leader in real estate development
known for some of Manhattan’s most prized residential properties.
Since the firm was founded 35 years ago, it has worked on Manhattan
development projects which have collectively been valued in excess
of $1 billion, including over 2,000 condominiums, co-ops and rental
units. Some of ABDO’s most notable projects are high-end properties
such as The Strand, The Stanford, The Whitney and The Dunhill. The
organization has also expanded its focus to include student
residences, having created living spaces in Manhattan for
approximately 2,000 students studying at some of the city’s most
prestigious universities. Most recently, ABDO developed a luxury
condominium at 139 Wooster Street, which included coveted retail
space that is now anchored by luxury sportswear company The North
Face.
About Sherwood Equities, Inc.
Sherwood Equities, Inc. is a privately held real estate
development company with an existing portfolio in excess of $2.5
billion. Founded in 1952, the company has prospered by maximizing
investment potential through meticulous planning, aggressive
management and conservative financing. Sherwood has developed and
owns or manages prime New York City properties, including One Times
Square, Two Times Square, 1600 Broadway, The Coronado, The
Saratoga, 370 Lexington Avenue and a 250,000-square-foot
development site in the Hudson Yards District, as well as other
properties on the Far West Side of Manhattan. Sherwood Equities was
also behind the development of the luxury condominiums at 500 West
21st Street, a neighborhood jewel designed by Kohn Pedersen Fox
that sits adjacent to the High Line. Total sales for the
condominiums at 500 West 21st Street, which were completed in June
2015, exceeded $180 million.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company
with more than $65 billion in assets. Its principal bank
subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has
more than $30 billion of deposits and more than $40 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. 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. cit.com
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