NEW YORK--(BUSINESS WIRE)--First paragraph, first sentence of release should read: CIM Group announced today that it has fully repaid a $400 million loan provided by an entity managed by the U.K.-based TCI Fund Management Limited in connection with the construction of 432 Park Avenue in Manhattan (instead of CIM Group announced today that it has fully repaid a $400 million loan provided by the U.K.-based Children’s Investment Fund Foundation in connection with the construction of 432 Park Avenue in Manhattan).
The corrected release reads:
CIM GROUP FULLY REPAYS $400 MILLION CONSTRUCTION LOAN FOR 432 PARK AVENUE MORE THAN TWO YEARS AHEAD OF DUE DATE
Luxury Building’s Construction Draws to Completion as Residents Begin Taking Occupancy
CIM Group announced today that it has fully repaid a $400 million loan provided by an entity managed by the U.K.-based TCI Fund Management Limited in connection with the construction of 432 Park Avenue in Manhattan. The iconic, Rafael Vinoly-designed residential condominium building is being co-developed with Macklowe Properties. The loan was paid in full more than two years ahead of its due date using residential sales proceeds. Closings and new residence sales continue to progress, with approximately 75% of units and the retail condominium closed or under contract.
Located on Park Avenue between 56th and 57th Street, 432 Park Avenue is surrounded by world-renowned retailers offering the best of fashion, art and design. Residents will experience exclusive five-star building services and 30,000 square feet of amenities, including a private restaurant; outdoor terrace for dining and events; spa and fitness center with sauna, steam and treatment rooms; 75-foot indoor swimming pool; library; lounge; billiards room; screening room and performance venue; children's playroom; and boardroom. In-residence catering, concierge, 24-hour doorman, and valet parking services will be provided by the building's handpicked staff. Residents will also have the ability to purchase climate-controlled wine cellars, office suites, staff apartments, and storage as a complement to their residence.
The limited remaining residences at 432 Park Avenue range from 3,575 square feet to 8,055 square feet, and are available for 2016 occupancy. For sales information please visit www.432parkavenue.com or call 212-432-5657.
ABOUT CIM GROUP
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in five strategic categories: repositioning and development projects, well-positioned operating properties, value-add properties, debt, and infrastructure. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area, Bethesda, Maryland, and Dallas. For more information, please visit www.cimgroup.com.
