NEW YORK CITY—A joint venture partnership of the Arun Bhatia Development Organization and Sherwood Equities has secured $48 million in construction financing for its luxury condominium development to be built in the Flatiron District.

The senior secured credit facility will be used to construct a 16-story building located at 10 West 17th St. The project will include 16 luxury condominiums. Financing was provided by CIT Bank, NA, the principal bank subsidiary of CIT. Terms of the transaction were not disclosed. The condominium building is designed by architectural firm Beyer Blinder Belle.

Arun Bhatia, founder and CEO of Arun Bhatia Development Organization and managing member of the joint venture, says of the financing deal, “This project provides an opportunity to develop sophisticated condominium residences in Flatiron, one of New York City's most desirable neighborhoods.”

Jeffrey Katz, president and CEO of Sherwood Equities, adds, “The Flatiron District remains a great location to develop luxury condominiums, as the neighborhood continues to attract young professionals and families alike.”

Meggan Walsh, deputy group head and managing director of CIT Real Estate Finance, agrees that the Flatiron District is a prime location for this type of development. “The Flatiron District is a very desirable place to live in New York City. There are a limited number of newly constructed condominiums in the area,” she says. “The 45 feet of frontage on 17th Street will be a sought after feature for luxury living in the city.”

Arun Bhatia Development, established in 1980, has worked on Manhattan development projects valued collectively at more than $1 billion, including more than 2,000 condominiums, co-ops and rental units.

Sherwood Equities, a privately held real estate development company, has an existing portfolio in excess of $2.5 billion. Sherwood has developed and owns or manages properties in New York City, including One Times Square, Two Times Square, 1600 Broadway, The Coronado, The Saratoga, 370 Lexington Ave. and a 250,000-square-foot development site in the Hudson Yards District, as well as other properties on the Far West Side of Manhattan.