CIT Group Inc. announced that its Real Estate Finance business provided $35.7 million in financing for the construction of a new 17-story multifamily development in the Clinton Hill section of Brooklyn.
The building, which will house 138 mixed-income rental units, is located at 230 Classon Avenue, on the corner of Willoughby Avenue in Clinton Hill. The one- and two-bedroom units will all have balconies and 30% of the units will be offered as affordable income rentals.
“We are confident in New York City’s resiliency and persistent need for new housing,” said Tyler Wilkins, Partner of Quinlan Development Group. “We appreciated CIT’s deep knowledge of the New York real estate market and its expertise in arranging this financing.”
“High-quality multifamily projects in major metropolitan areas are a good fit for our portfolio,” said Chris Niederpruem, managing director and group head for CIT’s Real Estate Finance business. “We were impressed with Quinlan Development Group’s plan for the property and pleased to arrange the financing to help move it forward.”
CIT’s Real Estate Finance business, part of the Commercial Finance division, originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the group provides financing for single properties, property portfolios and loan portfolios.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company’s commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT’s consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
John M. Moran