MRO Magazine

CIT Provides $48 Million in Construction Financing to Develop Luxury Condominiums in New York City

September 1, 2015
By Business Wire News


CIT Group Inc. (NYSE: CIT), 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.

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