CIM Group JV Gets $131M Brooklyn Project Loan
- May 21, 2020
CIM Group has finalized a $131.2 million construction loan for Front & York, a 728-unit residential project in Brooklyn’s DUMBO neighborhood. JPMorgan provided the financing, according to public records. In 2018, the same lender provided an initial $187 million in financing for the development, Yardi Matrix shows, which broke ground in early 2019.
CIM Group partnered with LIVWRK for the Morris Adjmi Architects-designed project. In 2016, the joint venture, along with Kushner Cos., acquired the 3-acre site for $345 million from Jehovah’s Witnesses. In mid-2018, Kushner Cos. sold its minority stake to CIM Group, according to The Real Deal.
Located at 85 Jay St., the project is scheduled for completion in 2021. Plans call for two 21-story high-rises with 408 condominiums and 320 rental apartments in the eight-story podium. The unit mix will have one- to four-bedroom floorplans. The amenity package, dubbed Level Eight, will include a swimming pool, outdoor cinema, co-working and media lounges, as well as kids and games rooms atop the podium.
Front & York is close to another DUMBO project which involves a former Jehovah’s Witnesses property. In April, the New York City Council approved Breaking Ground’s plan to convert the former Witnesses’ hotel at 90 Sands St. into a 508-unit affordable community.