QUEENS, NY—CIT Group Inc. disclosed today a deal that will lead to the development of a new seven-story, 143,000-square-foot property that includes 114 apartments in Astoria, in the Long Island City/Hunters Point submarket.
CIT Real Estate Finance provided a $44.8 million senior secured term loan to a joint venture between the Treeline Cos., Mega Contracting and Glenmont Capital Management, LLC. The project will also include 133 parking spaces, nearly 20,000 square feet of retail space, and 3,000 square feet of community space. Financing was provided by CIT Bank, the US commercial bank subsidiary of CIT.
The Treeline Companies is a real estate investment firm; Mega Contracting is a real estate development and property management company focused in the New York City metropolitan area while Glenmont Capital Management is a Manhattan-based private equity fund manager focused on value-add and opportunistic real estate investments.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
