NEW YORK — CIT Group said that its Real Estate Finance business has provided a $60 million senior secured construction loan to Edward J. Minskoff Equities, Inc. (Minskoff Equities), a privately held real estate investment and development firm. The money will be used towards the development of a six-story, seven-unit luxury for-sale residential condominium located at 17 Jane Street in NYC’s West Village.
Edward J. Minskoff, president of Edward J. Minskoff Equities, Inc., said: “The CIT team was responsive, efficient and extremely knowledgeable, which ultimately led to a proposal that met our needs and brought to light the true value proposition of this amazing property. With the financing now secured, we can begin work immediately and attempt to stay within our timeline projections. l look forward to working with CIT’s Real Estate team on future projects.”
Matt Galligan, president of CIT’s Real Estate Finance business, said: “We are pleased to see the financing on this project come to fruition. The West Village is one of the most premier, sought-after neighborhoods in New York City. The transaction is representative of our targeted efforts to provide secure, low-leverage financing to developers in vibrant cities across the U.S., and we look forward to a long-lasting relationship with Mr. Minskoff and his team, who hold a distinguished portfolio of developments throughout Manhattan.”