CIM Group has closed on a loan of more than $600 million provided by J.P. Morgan Chase Bank, N.A. to build the Morris Adjmi-designed 85 Jay St. mixed-use project in Brooklyn’s DUMBO neighbourhood.
LIVWRK is co-developing the 135,000 sq. ft. project on the three-acre+site formerly owned by the Jehovah’s Witnesses. Site work has commenced. Earlier documentation indicated the construction manager as New Line Structures.
“Securing this loan from J. P. Morgan is another milestone for this significant project that will add to the vibrancy of the neighborhood by activating a long-barricaded parking lot and providing new residences and retailers for this fast-growing community,” said
CIM Group principal and co-founder Avi Shemesh.
Upon completion, the project will include approximately 730 residential condominium and apartment homes, approximately 90,000 sq. ft. of retail space, and approximately 700 parking spaces.
The developers expect the project to be finished in 2021, according to Brownstoner and CIM Group.
The New York Post has reported that CIM Group partnered with LIVWRK and Kushner Companies to purchase the Jay street parking lot for $345 million in 2016. The group also bought the former Jehova’s Witnesses headquarters at 25-30 Colubia Heights for $340 million.
Kushner Cos., where Jared Kushner served as CEO until he joined President Donald Trump’s administration, quietly sold off its 2.5 percent stake in both developments to the CIM Group earlier this year, the Post reported.