Knightsbridge Properties secured $45m to complete the restoration of a historic cast-iron building in Manhattan’s Tribeca neighborhood. The funding will be used to convert the building into 13 condominium units. The nine-story project includes two penthouse units as well as retail space on the ground floor and subfloor. Built in 1881 by James White, the building was designated a New York City landmark in 1982. Amenities at the building include a 24-hour doorman, fitness center, a hydrotherapy spa and a dance/yoga studio. CIT Group Inc. was the sole lead arranger of the financing.
“We are pleased to provide financing to complete the development and restoration of this stunning architectural landmark in the heart of Manhattan,” said Matt Gilligan, president of CIT’s Real Estate Finance division. “This transaction is another example of how CIT’s financing capabilities can help maximize value for real estate investors and developers.”
