Joint venture gets $120 million from CIM Group to redevelop building

By Wendy Van Sickle

Columbus, Ohio, Dec. 18 – A joint venture led by developer-owners SHVO, Bilgili Group and Deutsche Finance for the redevelopment of 685 Fifth Ave. in Manhattan has closed on a $120 million construction loan provided by CIM Group, according to a news release issued by CIM.

The building is slated to become home to the Mandarin Oriental brand’s first stand-alone residences in the Americas, while its lower floors remain premium retail.

Los Angeles-based CIM Group is an owner, developer and operator of commercial properties, as well as a lender providing construction, bridge, and repositioning loans to developers of condominiums, apartments, hotels, mixed-use, and entertainment projects in major markets across the United States.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.