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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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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