The William Macklowe Company and LaSalle Property Fund secured $35m in construction financing for the development of a new office building in Manhattan. Plans call for a six-story building that will total 74,000 sq ft. The project will go up close to some of New York City’s most prominent hospitals, research centers, medical schools and medical office facilities. CIT Group provided the senior secured construction funding. “We see this project as the right development in an attractive location, and we look forward to its successful completion,” said William Macklowe, founder of The William Macklowe Company. “CIT’s real estate expertise was very helpful in closing the financing needed to move this project forward.”
