NEW YORK, Aug. 15, 2017 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business provided a $60 million senior secured construction loan to Edward J. Minskoff Equities, Inc. (Minskoff Equities), a privately held real estate investment and development firm. Proceeds from the facility will be used towards the development of a six-story, seven-unit luxury for-sale residential condominium located at 17 Jane Street in New York, NY.
Edward J. Minskoff, president of Edward J. Minskoff Equities, Inc., said: "The CIT team was responsive, efficient and extremely knowledgeable, which ultimately led to a proposal that met our needs and brought to light the true value proposition of this amazing property. With the financing now secured, we can begin work immediately and attempt to stay within our timeline projections. l look forward to working with CIT's Real Estate team on future projects."
Matt Galligan, president of CIT's Real Estate Finance business, said: "We are pleased to see the financing on this project come to fruition. The West Village is one of the most premier, sought-after neighborhoods in New York City. The transaction is representative of our targeted efforts to provide secure, low-leverage financing to developers in vibrant cities across the U.S., and we look forward to a long-lasting relationship with Mr. Minskoff and his team, who hold a distinguished portfolio of developments throughout Manhattan."
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Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $50 billion in assets as of June 30, 2017. 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. 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.
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SOURCE CIT Group Inc.