Daily News: March 13, 2015

CIT Provides $44.8MM Financing to JV

CIT Group announced that CIT Real Estate Finance provided a $44.8 million senior secured term loan to a joint venture between The Treeline Companies, Mega Contracting and Glenmont Capital Management.

The financing will be used to develop a new 7-story, 143,000-square-foot property that includes 114 rental units, 133 parking spaces, nearly 20,000 square feet of retail space, and 3,000 square feet of community space in Astoria, New York. Financing was provided by CIT Bank.

“We are pleased to lend to this joint venture,” said Matt Galligan, group head of CIT Real Estate Finance. “New housing is in increasing demand throughout New York, and Queens is fast becoming the next hot market.