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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