Seven-Story MXD Planned in Queens

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.