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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.
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