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CIT Lends on William Macklowe’s New-Build MOB
CIT Group’s Real Estate Finance division has provided a senior secured construction loan of up to $35 million for development of a new medical office building on the Upper East Side. The planned six-story structure at 323 E. 61st St. is being undertaken by a joint venture between The William Macklowe Company and LaSalle Property Fund that was announced this past May.
When complete, the 74,000-square-foot facility will operate in close proximity to some of New York City’s most prominent hospitals, research centers, medical schools and medical office facilities, including New York-Presbyterian Weill Cornell Medical Center (pictured), Rockefeller University and Memorial Sloan-Kettering Cancer Center.
“We see this project as the right development in an attractive location, and we look forward to its successful completion,” said William S. Macklowe, The William Macklowe Company’s founder. “CIT’s real estate expertise was very helpful in closing the financing needed to move this project forward.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
