New York & Tri-State + Downtown New York + Finance | August 21, 2018

CIT Lines Up $45M Loan for Tribeca’s Cast Iron House Project

CIT’s real estate finance group was the sole lead arranger of a $45-million loan for a mixed-use redevelopment of the historic 67 Franklin St. in Manhattan’s Tribeca neighborhood. The borrower is 361 Broadway Associates Holdings LLC.

The nine-story project, known as The Cast Iron House, consists of 13 luxury condominium units, including two penthouse units, as well as retail space on the ground floor and subfloor of the historic structure. Built in 1881, 67 Franklin is considered a prime example of the cast iron architecture of the period.

“We are pleased to provide financing to complete the development and restoration of this stunning architectural landmark in the heart of Manhattan,” said Matt Galligan, president of CIT’s real estate finance division. “This transaction is another example of how CIT’s financing capabilities can help maximize value for real estate investors and developers.”

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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 GlobeSt.com 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).