CIT Group Provides $35M for Manhattan Office Project
- Oct 31, 2018
CIT Group has provided a $35 million senior secured construction loan for the development of a medical office building in Manhattan. William Macklowe Co. and LaSalle Property Fund have entered into a joint venture to develop the building. WMC will act as the developer of the project.
Located at 323 E. 61st St., the six-story project will encompass approximately 74,000 square feet and it will replace the existing structure. The site provides convenient access to numerous hospitals, medical schools, research centers and outpatient facilities such as New York-Presbyterian Weill Cornell Medical Center, Weill Cornell Medical College, Memorial Sloan Kettering Cancer Center, Hospital for Special Surgery and Rockefeller University.
“The property is an exceptional fit for our portfolio, enabling LPF to increase its exposure to class A medical office in a New York City neighborhood that is both supply constrained and has a high demand for medical office,” Jim Garvey, portfolio manager for LPF, said in a prepared statement.
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